Key facts
- South Korea and NATO will begin negotiations on a basic procurement agreement.
- The agreement could allow South Korean companies access to NATO's defense procurement market, valued at approximately $9.9 billion.
- President Lee Jae Myung met with NATO Secretary General Mark Rutte during the NATO summit in Ankara.
- South Korea pledged $100 million in assistance to Ukraine.
- South Korea will not provide lethal weapons to Ukraine.
South Korea and NATO have agreed to initiate negotiations for a framework agreement on procurement, a development that could grant South Korean defense companies access to the alliance's substantial joint defense market. The agreement was reached during a meeting between South Korean President Lee Jae Myung and NATO Secretary General Mark Rutte on the sidelines of the NATO summit in Ankara, Turkey.
National Security Adviser Wi Sung-lac stated that the envisioned procurement agreement, if finalized, would create an institutional basis for South Korean firms to participate in NATO's defense procurement market, estimated to be worth around 15 trillion won ($9.9 billion), the largest globally. President Lee expressed pleasure in meeting Rutte, while Rutte thanked Lee for strengthening ties between South Korea and NATO.
President Lee is attending the two-day summit, which includes leaders from NATO's 32 member states and partner nations, at the invitation of the NATO chief. On the occasion of his attendance, South Korea also committed to providing $100 million in aid to Ukraine. This pledge underscores Seoul's commitment to international peace and security, though a presidential official clarified that the assistance would not include lethal weapons.