The European Union and South Korea announced Monday that they have entered into a partnership to promote and develop the 5G mobile Internet network. Under the pact, South Korea and the European Commission will come up with a common definition of the 5G networks and set a rollout timetable by the end of 2015. They will set up a joint research group for the creation of 5G technology standards, system development and radio frequency preparation.

5G

5G will allow users to download an HD film in just six seconds

The ultra-fast 5G network is still ill-defined and its development is years away. But the deal between EU and South Korea gave a much-needed boost to European telecom industry, which lags behind the U.S. and Asia in rolling out 4G standard. European companies are struggling with shrinking revenues. The joint development will be overseen by South Korean 5G Forum and Europe’s 5G PPP.

The push for the fifth-generation technology is driven by a desire for Internet speed. EU suggests that 4G network takes about 6 minutes to download a one-hour high-definition film. But 5G will bring “fiber-like speeds” to your phones, allowing users to download the same one-hour HD film in just six seconds. The Europeans and Koreans will also work on the Internet-of-things and cloud research, which are tightly tied with 5G. The Internet-of-things will connect everything from cars to household appliances to security systems through cloud. For instance, if a driverless car becomes a reality, it will require flawless Internet connectivity.

5G will become the new lifeblood of the digital economy

The European Commission estimates 5G network to reach the markets between 2020 and 2030, faster than previously expected. European Commission VP Neelie Kroes said that, once established, 5G will become the “new lifeblood” of the digital economy. The two public authorities will work with companies such as Nokia Corporation (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V), Samsung Electronics Co., Ltd. (LON:BC94) (KRX:005930) and Ericsson (ADR) (NASDAQ:ERIC).

Ericsson (ADR) (NASDAQ:ERIC) warned last month that Europe could fall behind other regions in the development of 5G network. Samsung Electronics Co., Ltd. (LON:BC94) (KRX:005930) has already been working on the next-gen mobile network. Japan’s NTT Docomo Inc (NYSE:DCM) (TYO:9437) earlier this year partnered with Nokia Corporation (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V) to develop 5G wireless network technology.