South Korea risks missing out on Europe’s $858 billion defense modernization drive unless it adapts quickly to protectionist procurement rules and domestic political constraints.

The European Union (EU) released its “ReArm Plan/Readiness 2030” white paper on March 19, outlining an ambitious effort to strengthen regional security and defense production. The plan includes €150 billion for joint weapons procurement and aims to raise member state defense spending to 1.5% of GDP, generating €650 billion over four years.