The Bulletin of the Institute of Economics of the Russian Academy of Sciences № 5/2023.  World Economy.

Bongchul Kim

Ph.D in Law (King’s College London), Professor, Hankuk University of Foreign Studies, Seoul, Republic of Korea

Irina A. Korgun

Ph.D. (Economics), Lead Research Fellow, Institute of Economics RAS, Moscow, Russia

ORCID: 0000-0002-1496-4375

LEGAL FOUNDATIONS FOR THE DEVELOPMENT OF BILATERAL RELATIONS BETWEEN THE REPUBLIC OF KOREA AND THE EUROPEAN UNION

166-180

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Abstract

The Korea-EU relation has developed based on multilateral and bilateral legal infrastructures. Among the international legal document, the three bilateral agreements between Korea and EU provide the foundational basis for the bilateral relations. First agreement is the Korea-EU FTA which effectively became a legal tool creating favorable environment for development of the economic relations between the parties. Second is Korea-EU Framework Agreement, amended in 2010. It proclaimed a strategic partnership between Korea and the EU elevating the status of cooperation. Third is the Agreement establishing a framework for the participation of Korea in EU crisis management operations. This agreement created a new cooperation field between the partners.

The documents described above represent international legal infrastructures that directly regulate Korea-EU cooperation activities and in this they differ from multilateral documents such as the WTO or the UN laws which can provide rules for certain areas of bilateral cooperation but are not directly related to Korea-EU relations. International laws are cohesively becoming important in areas beyond trade relations and in future may change the paradigm of their bilateral dialogue. Although the two partners may have some challenges and different views of the laws and their application, they main purpose is to provide significant new engines in boosting cooperation between the partners.

Keywords: bilateral relations, Korea, EU, international law, FTA.

JEL: F50, K33

EDN: QBCIOJ

DOI: https://doi.org/10.52180/2073-6487_2023_5_166_180

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Manuscript submission date: 19.09.2023

For citation:

Kim B.Ch., Korgun I.A. Legal Foundations for the Development of Bilateral Relations beetween the Repablic of Korea and the European Union // Vestnik Instituta Ekonomiki Rossiyskoy Akademii Nauk. 2023. № 5. Pp. 166-180. (In Russ.). https://doi.org/10.52180/2073-6487_2023_5_166_180 EDN: QBCIOJ

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