EU and Korea Extend Film Co‑Production Deal

Summary of the EU‑Korea Cultural Cooperation Proposal

• Background

• The EU and Korea signed a Free Trade Agreement (FTA) on 1 Oct 2015, with a Protocol on Cultural Cooperation attached.

• The Protocol gives EU‑Korean co‑productions a special “entitlement” that lets them use each side’s funding schemes and qualify as European works under the Audiovisual and Media Service Directive.

• The entitlement lasts three years. It has already been renewed four times: 1 Jul 2013‑30 Jun 2016, 1 Jul 2016‑30 Jun 2019, 1 Jul 2019‑30 Jun 2022, and 1 Jul 2022‑30 Jun 2026. No party has ended it.

• Purpose of the new proposal

• Renew the entitlement for another three‑year period (1 Jul 2026‑30 Jun 2029).

• Support economic and cultural benefits for both sides, especially for EU members that have not yet produced co‑productions with Korea.

• Tap into Korea’s fast‑growing audiovisual market, one of the world’s top 10 box‑office markets (USD 966 million, 125 million admissions in 2023).

• Key data

• In 2024, EU‑27 films made up 13 % of Korean releases but only 0.60 % of cinema admissions.

• Korean films were 0.59 % of releases and 0.12 % of admissions in the EU in 2024.

• These gaps show large untapped potential for co‑productions.

• Legal basis

• Article 3(1) of Council Decision (EU) 2015/2169 (the FTA) and its amendment (EU) 2022/2335.

• The Council will decide by a decision, following the procedure in the Protocol that requires a four‑month notice before the end of each period.

• Stakeholder views

• Most stakeholders, especially in the audiovisual sector, welcomed the renewal and called for more visibility, guidance, and funding support.

• Some independent producers questioned the effectiveness of the entitlement and the lack of reciprocal rules in Korea (e.g., VOD quotas).

• The Commission plans accompanying measures in the 2027 Creative Europe programme to improve awareness and support.

• Implementation and monitoring

• The decision will enter into force on the day it is adopted.

• The Commission will monitor progress using data from the European Audiovisual Observatory and industry reports.

• A Cultural Cooperation Committee will meet annually to review outcomes and challenges.

• Budget

• No new budgetary cost is attached to the decision.

• Outcome

• The Council will renew the entitlement for three years, allowing EU‑Korean co‑productions to continue benefiting from each side’s schemes and to strengthen cultural exchange and market access.