President Yoon Sets $20 Billion Trade Goal with France by 2030

President Yoon Suk Yeol has announced plans to strengthen economic and industrial cooperation with France, aiming for bilateral trade to reach $20 billion (approximately 26.84 trillion won) by 2030. This initiative includes signing a protocol to amend the military information protection agreement and detailing cooperation in advanced industries such as artificial intelligence (AI), quantum technology, space, nuclear energy, and biotechnology.

During a joint press conference following a summit with French President Emmanuel Macron at the Élysée Palace in Paris on September 8, Yoon stated, "We discussed six areas of cooperation to further develop our 'global strategic partnership' based on shared values and capabilities."

This year marks the 140th anniversary of diplomatic relations between the two countries, which were elevated to a 'global strategic partnership' during Macron's state visit to South Korea in April. Yoon's visit comes five months after that summit.

The two leaders agreed to enhance defense and security cooperation in response to uncertainties in the international order. They signed the protocol to amend the military information protection agreement, establishing a framework for improved information exchange between the two nations.

They also agreed to expedite negotiations for a mutual logistics support agreement to enhance the stability and efficiency of military cooperation. Joint military exercises, including the upcoming 'Pegasus' training in Seoul and mutual port calls by naval forces later this year, are planned to improve military understanding and interoperability.

Yoon began his state visit by laying a wreath at the Tomb of the Unknown Soldier at the Arc de Triomphe, expressing a commitment to uphold the values of freedom, democracy, and peace that both nations cherish.

In the economic sector, a Korea-France business roundtable involving over 20 companies will explore cooperation and investment opportunities in advanced technology and future industries.

The two countries also signed two memoranda of understanding (MOUs) to enhance industrial competitiveness and intellectual property cooperation. Through a cooperation document between the Korea Trade-Investment Promotion Agency and Business France, they aim to strengthen comprehensive support for companies entering each other's markets. The leaders agreed to maintain close communication to address challenges faced by businesses and create a stable and predictable business environment.

Plans are underway to connect cooperation in advanced industries and scientific technology, including AI, quantum, space, nuclear, and biotechnology, to industry and markets. Based on the intention to cooperate in AI, semiconductors, and quantum technology established in April, they signed an MOU to support mutual market access for startups and joint research and development between companies and research institutions.

Building on the achievements of the Korea-France Space Forum, which has been ongoing for a decade, they established an implementation agreement to expand cooperation in the private space industry ecosystem. In the nuclear sector, additional documents for research and development and fuel supply cooperation were signed to promote the development of next-generation reactors and diversify long-term supply chains. The leaders also agreed to establish a high-level dialogue channel for private nuclear cooperation.

The Korea Research Institute of Bioscience and Biotechnology and French research institutions and companies signed three MOUs related to eco-friendly materials, climate-resilient crops, and drug development using quantum computing. This aims to promote joint research and expand opportunities for Korean biotech companies in the European market.

To enhance exchanges between the peoples and future generations of both countries, the aviation agreement signed in 1974 was amended for the first time in 52 years. The new agreement includes provisions for fair competition, code-sharing, expansion of medium- and long-haul air networks, mutual support in case of emergencies, and environmentally friendly operation requirements.

The revised working holiday agreement signed in April will take effect on October 1. Starting in October, South Korea will send language assistant teachers to France as a pilot program. Exchanges and joint research between Paris-Saclay University and Korean young researchers will be expanded, and a security cooperation agreement between the two countries' police will facilitate joint responses to transnational crime.

In the cultural sector, the two countries agreed to expand cooperation in the film and video industry through the €1 billion 'Lumière Partnership' established the previous day in Saint-Paul-de-Vence. The cultural ministries of both nations also signed a cultural cooperation intention document to enhance training for film industry talent and promote joint investments, strengthening the foundation for K-content's entry into Europe.

Yoon expressed hope that France, which has led the emergence and growth of the film industry, and Korea, known for its unique storytelling and outstanding production capabilities, will join hands to usher in a new golden age for cinema, the 'seventh art.'

The two countries also agreed to expand cooperation on international issues. They will work closely to restore freedom of navigation in the Strait of Hormuz and stabilize global supply chains. They will participate in international efforts to end the war in Ukraine and restore peace and reconstruction, while continuing to cooperate for peace and stability in the Korean Peninsula and the international community.

Yoon emphasized, "Based on the deep friendship and trust built over the past 140 years, we have agreed to open a new chapter for the next 140 years. As Korea and France become more closely connected and the horizons of cooperation expand, the lives of our citizens will become richer, and future generations will have more opportunities."