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South Korea–United Kingdom Free Trade Agreement

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South Korea–United Kingdom Free Trade Agreement
  South Korea
  United Kingdom
TypeFree trade agreement
ContextTrade agreement between South Korea and the United Kingdom
Negotiators
Parties
Language

The South Korea–United Kingdom Free Trade Agreement (KUKFTA) is a proposed free trade agreement which began negotiations on 22 November 2023.[1] The trade agreement would be the third FTA to cover South Korea–UK trade, superseding the South Korea–UK Trade Continuity Agreement; extending the deal to cover digital trade. In 2021, 80% of the UK's services exports, in areas from legal advice to management consultancy, were delivered digitally.[2]

History

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From 1 July 2011 until 30 December 2020, trade between South Korea and the United Kingdom was governed by the European Union–South Korea Free Trade Agreement, while the United Kingdom was a member of the European Union.[3] Following the withdrawal of the United Kingdom from the European Union, the UK and South Korea signed a continuity trade agreement on 22 August 2019, based on the EU free trade agreement; the agreement entered into force on 1 January 2021.[4][5]

Negotiations

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On 9 December 2022, South Korea and the United Kingdom announced their intentions start talks on a modernised free trade agreement; the agreement would supersede the South Korea–UK Trade Continuity agreement.[6] Trade negotiations formally opened on 22 November 2023.[1][2]

KUKFTA Round of Negotiations
Round Dates Location Ref.
1 23–25 January 2024 Seoul [7]
2 19–22 March 2024 London [8]

The first round of negotiations concluded on the 25 January 2024.[9][7]

The second round of negotiations concluded on the 22 March 2024.[8][10]

See also

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References

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  1. ^ a b Johnson, Lord Dominic; Badenoch, Kemi (21 November 2023). "UK and South Korea to launch talks on new trade deal as Korean businesses back Britain with £21 billion of investment". GOV.UK. Archived from the original on 21 November 2023. Retrieved 21 November 2023.
  2. ^ a b Kim, Sam; White, Lucy (20 November 2023). "South Korea's Yoon to Talk AI in UK as Trade Negotiations Begin". Bloomberg. Archived from the original on 20 November 2023. Retrieved 20 November 2023.
  3. ^ "EU - Korea, Republic of". World Trade Organization. Retrieved 16 March 2024.
  4. ^ Truss, Elizabeth (21 August 2019). "UK and Korea to sign trade continuity deal to ensure businesses are ready to trade post-Brexit". GOV.UK. Archived from the original on 22 August 2019. Retrieved 16 March 2024.
  5. ^ Song, Jung-a; Giles, Chris; Rovnick, Naomi (10 June 2019). "South Korea agrees deal with UK for post-Brexit trade". Financial Times. Archived from the original on 11 June 2019. Retrieved 16 March 2024.
  6. ^ Hands, Greg (9 December 2022). "UK kicks off process to negotiate new trade deal with South Korea". GOV.UK. Archived from the original on 9 December 2022. Retrieved 16 March 2024.
  7. ^ a b Bin, Hyun (25 January 2024). "1st round of Korea-UK FTA upgrade negotiation". The Korea Times. Archived from the original on 19 March 2024. Retrieved 19 March 2024.
  8. ^ a b "Korea and UK to hold 2nd official negotiating round on upgrading bilateral FTA". Ministry of Trade, Industry and Energy. 19 March 2024. Archived from the original on 8 April 2024. Retrieved 8 April 2024.
  9. ^ Hands, Greg (8 February 2024). "Republic of Korea Trade Negotiations Update". UK Parliament. Archived from the original on 1 March 2024. Retrieved 19 March 2024.
  10. ^ Smith, Josh (20 March 2024). "S.Korea's Yoon vows more cooperation with Britain as trade talks resume". Reuters. Archived from the original on 8 April 2024. Retrieved 8 April 2024.
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Media related to Relations of South Korea and the United Kingdom at Wikimedia Commons

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