The evolving dynamics of agricultural and food trade between South Korea and the European Union promise big economic benefits for South Korean consumers, such as access to a wider range of products and potential cost savings. But Seoul will likely have to balance those benefits against potential negative impacts on domestic producers.

After meeting with EU leaders earlier this week, President Yoon Suk-yeol, European Council President Charles Michel and European Commission President Ursula von der Leyen released a comprehensive joint statement that touched on topics ranging from the war in Ukraine to climate issues.