South Korea and the European Union signed on Saturday a cooperation agreement covering Seoul's participation in Europe's Galileo satellite navigation project. The agreement was inked in the presence of visiting South Korean President Roh Moo-Hyun during an EU-South Korea summit taking place ahead of the Asia-Europe Meeting on Sunday and Monday in Helsinki.
Europe hopes the Galileo project, scheduled to be operational by 2010, will rival the reigning global positioning system (GPS) from the United States.
Unlike GPS, which is controlled by the US military, Galileo will stay under civilian control, increasing the EU's strategic independence.
The new system is expected to be more accurate than GPS, giving mariners, pilots, drivers and others an almost pinpoint-accurate navigational tool.
The project represents an investment of 3.8 billion euros (4.8 billion dollars), which has prompted the EU to seek financial partners.
To date cooperation accords have been signed with China and Israel. Negotiations are under way with Ukraine, India and Morocco, while Argentina, Brazil, Mexico, Chile, Malaysia, Canada and Australia have also expressed interest.
Source: Agence France-Presse
