South Korea

Political relations

France has excellent relations with the Republic of Korea. This bilateral relationship is based on four priorities: 1) dialogue on major international issues (Korean Peninsula, fight against climate change, support for an open, multilateral free trade system, within the framework of strategic dialogue between Foreign Ministers); 2) development of cooperation in the area of diplomacy, security and defence; 3) deeper economic relations (including in the area of cross-investment and innovation); 4) development of exchanges and cooperation in the areas of science, education, culture and sports. It is structured around thirty or so forums for bilateral dialogue, four of which are at ministerial level.

Economic relations

For France, South Korea is a leading partner in Asia. It is France’s third-largest trading partner in the region. In 2021, bilateral trade between France and Korea rose by 22% to €10.4 billion, surpassing the €10 billion mark for the first time. Due to the crisis, France recorded a bilateral trade deficit of €840 million, a first since the FTA entered into force. Given that France and Korea are positioned as major centres for innovation and the creative economy, our two countries are working to develop their industrial and technological cooperation (start-ups, key future technologies). Our exports have gradually became more diversified and include: cutting-edge ground transport equipment and aeronautical products, including latest-generation Airbus A350s; perfumes and cosmetics; chemicals; industrial and agricultural machinery and agrifood products. France promotes greater access for its products to the Korean market, including in the agrifood sector. In 2020, French FDI stock in Korea reached €3.9 billion (down 3% on 2019) and Korean FDI stock in France was €1.28 billion (down 8% on 2018). France is the third-largest European investor in Korea, after the Netherlands and Germany.