South Korea-UK FTA first-round improvement negotiations commence
The first official negotiations to enhance the South Korea-UK Free Trade Agreement are set to occur in Seoul from January 23 to January 25. The South Korean delegation, led by An Chang-yong, Director-General for FTA Policy, and the UK delegation, led by Adam Fenn, Deputy Director of the Department for International Trade, will consist of over 50 representatives from both countries.
The South Korea-UK Free Trade Agreement, initiated as the UK exited the EU, eased business uncertainties and fostered economic cooperation. However, there's a recognized need to update the agreement to align with contemporary global trade norms, including digital trade and supply chains, as the current focus is primarily on goods and services market access.
Last November, during President Yoon Suk-yeol's visit to the UK, both countries declared the start of negotiations to improve the Free Trade Agreement. After detailed discussions, formal negotiations have now commenced with the first round.
In preparation for the current improvement negotiations, both countries aim to build a comprehensive and future-oriented strategic trade relationship by discussing the introduction of new trade norms in diverse areas such as digital trade, supply chains, clean energy, and the bioeconomy.
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