1. The 6th meeting of the Republic of Korea-Kingdom of Spain Joint Economic Committee took place at the Foreign Ministry in Seoul on November 2, with about 20 representatives from related government agencies of the two countries in attendance. The ROK and Spanish delegations were led by Deputy Minister for Economic Affairs Yun Kang-hyeon of the ROK Foreign Ministry, and Secretary of State for Trade Xiana Margarida Méndez Bértolo of the Ministry of Industry, Trade and Tourism of Spain, respectively.

※ The Joint Economic Committee meeting has been held every two years alternately in the ROK and Spain since its first meeting in 2008. The 5th meeting took place in Madrid in 2016.

※ Participating agencies: (ROK side) the Ministry of Foreign Affairs, the Ministry of Trade, Industry and Energy, the Ministry of Land, Infrastructure and Transport, the Ministry of Agriculture, Food and Rural Affairs, the Public Procurement Service, the Korea Institute for Advancement of Technology, etc., (Spanish side) the Ministry of Industry, Trade and Tourism, the Ministry of Foreign Affairs, the Centre for the Development of Industrial Technology, etc.

2. In the 6th Joint Economic Committee meeting, the two sides discussed ways to increase trade and investments, as well as ways to step up mutually-beneficial cooperation in a range of areas, including science and technology, R&D, new and renewable energy, infrastructure, tourism, and aviation cooperation.

o As the ROK became the first non-European country to be elevated to a partner country for the EUREKA program* this year, the two sides agreed to further increase technological cooperation and exchanges in the area of innovative growth between the two countries in order to respond to the Fourth Industry.

* The EUREKA program is a pan-European R&D network established to create a market-oriented community for the development of technology. Related agencies of the ROK and Spain are cooperating on 12 projects.

o They also agreed to continue to seek ways to enhance cooperation between the two countries, considering the similarities between the ROK government’s “Renewable Energy 3020 Implementation Plan,” and Spain’s policy to expand new and renewable energy use, which has been pursued since early 2000.

o The ROK side expressed hope that people’s interest in the Korean Wave (Hallyu) would rise in Spain, and the number of Spanish tourists visiting the ROK would also increase, saying that with the rapid increase in the number of Korean tourists visiting Spain, direct flights between the two countries were launched.

3. Furthermore, the two sides discussed in depth ways to increase their joint entry into third countries, including Latin American and Middle Eastern countries, through cooperation between the ROK and Spanish companies.

o The two sides agreed to work to make sure that the ROK, well known in the Asian and Middle Eastern markets, and Spain with a large market share in the Americas cooperate with each other to create synergy for joint entry into third countries.

4. Meanwhile, the Foreign Ministry asked for the Spanish government’s support and cooperation to ensure that the process to re-open the ROK Consulate-General in Barcelona as early as possible goes smoothly.

o Regarding the ROK-Spain working holiday agreement recently brought into force, the two sides agreed to work together to help youth in the two countries enhance mutual understanding and exchanges.

* unofficial translation