Opening negotiations on the NATO Procurement Framework Agreement… Expanding the path for Korean defense industry participation
Negotiations on the Korea-NATO Procurement Framework Agreement, an opportunity for Korea's defense industry to enter the European market Expected to lay the foundation for participation in NATO's annual 15 trillion won procurement market and expand exports
President Lee Jaemyung met NATO Secretary General Mark Rutte in Türkiye and began negotiations to conclude a KoreaNATO Basic Agreement on Procurement. This agreement concerns establishing the legal and administrative procedures necessary for NATO's military and defense procurement.
The government believes that once the agreement is concluded, it will create a foundation for Korean companies to participate in NATO's joint procurement market, which is expected to be worth about 15 trillion won annually. It explains that the scope could expand from cooperation limited to individual countries to cooperation with NATO as a whole.
In addition to participating as an observer in NATO's ammunition and space sectors, South Korea has also decided to newly take part in defense and raw materials projects. At the NATO Defense Forum, President Lee mentioned the importance of standardizing weapons systems and emphasized expanding cooperation to improve the export accessibility of Korean defense companies.