National Security Adviser Wi Sung-lac briefs reporters on President Lee Jae Myung's participation in the NATO summit in Ankara, Tuesday. Yonhap
ANKARA — Korea and NATO agreed to open negotiations on a basic procurement agreement that would allow Korean defense companies to participate in NATO's joint procurement market, estimated to be worth 15 trillion won ($9.9 billion) annually, National Security Adviser Wi Sung-lac said Tuesday.
Wi said the agreement was reached on the occasion of a meeting between President Lee Jae Myung and NATO Secretary General Mark Rutte in Ankara, where the NATO summit is being held from Tuesday to Wednesday. Lee is attending the summit at Rutte's invitation.
"The agreement, once concluded, will provide an institutional framework for Korean companies to participate in NATO's joint procurement market," Wi said during a press briefing, pointing out that the market is estimated to be worth 15 trillion won per year.
“The agreement would give Korea a foothold to enter NATO's defense market, the world's largest,” Wi added, referring to NATO's 32 member states, which make up the world's largest defense procurement market with a roughly 55 percent share of global defense spending.
