1. The 32^nd meeting of the Joint Economic Committee between the Republic of Korea (ROK) and the Federal Republic of Germany took place in Seoul on Tuesday, October 15, bringing together 19 officials of relevant government agencies of the two countries. It was co-chaired by Yun Kang-hyeon, Deputy Minister for Economic Affairs of the Ministry of Foreign Affairs, on the Korean side, and by Eckhard Franz, Director-General for External Economic Policy of Germany’s Federal Ministry for Economic Affairs and Energy, on the German side.

2. The meeting discussed ways to step up bilateral cooperation not only in overall trade and investment but also in various fields such as smart manufacturing, small- and medium-sized enterprises, renewable energy, and information and communication technology.

○ The two sides agreed to continue to strengthen cooperation in areas of science and technology and industry as a joint response to the fourth industrial revolution, and discussed ways to expand cooperation in digitalisation and materials, parts and machineries.

○ Furthermore, the two sides shared progress made in promoting startups, and agreed to strengthen cooperation to facilitate exchanges and help them enter each other’s markets.

○ The two sides went on to share energy policies and explored ways to boost bilateral cooperation for energy transition which includes expanding renewable energy use and improving energy efficiency.

3. Following up on the 31^st meeting, the two sides agreed to seek a win-win strategy that addresses both Germany’s shortage of skilled workers in science and technology and the ROK’s youth unemployment.

○ The ROK side asked for Germany’s support for helping young Koreans who have completed professional education and acquired basic proficiency in the German language to gather technical knowledge and experience required by German enterprises through Ausbildung, the vocational training programme in Germany, and, eventually, to find employment in the country.

4. The Joint Economic Committee meeting confirmed the two sides’ shared support for the free and open, rules-based multilateral trading system, and dealt with major global economic issues such as Britain’s withdrawal from the European Union, commonly known as Brexit, and ways to reform the World Trade Organization.