S. Korea, NATO start negotiations on basic defense procurement agreement

South Korea and the North Atlantic Treaty Organization(NATO) have agreed to open negotiations on a framework procurement agreement that would pave the way for Korean defense firms to participate in the alliance's multinational procurement network, Report informs via KBS World.

The presidential office of Cheong Wa Dae revealed on Wednesday that the agreement was reached during President Lee Jae Myung's meeting with NATO Secretary General Mark Rutte on the sidelines of the alliance's summit in Türkiye the previous day.

National Security Adviser Wi Sung-lac said the agreement will provide the institutional foundation for domestic companies to access the world's largest defense market, estimated at about 15 trillion won, or roughly $9.9 billion annually.

In addition to its existing observer role in ammunition cooperation, Wi stated that Seoul will join defense industry and raw material projects as an observer.

He stressed that this will strengthen interoperability between South Korean and NATO weapons systems and help build stable supply chains for military equipment.

At the NATO Defense Industry Forum in Ankara, President Lee emphasized the need to standardize and synchronize defense production methods across the alliance and proposed expanding cooperation with NATO allies in research and development.

The presidential office clarified that closer defense cooperation does not mean South Korea is entering NATO, nor will it have a significant impact on the government's diplomatic posture towards countries like China or Russia.

Lee is scheduled to hold bilateral meetings with the leaders of Norway, the Netherlands, and Romania on Wednesday to discuss cooperation in various areas, including semiconductors, renewable energy, and nuclear power.