The first round of official negotiations to improve the Korea-U.K. Free Trade Agreement (FTA) are being held in Seoul.
The Korean Ministry of Trade, Industry and Energy (MOTIE) announced on Jan. 23 that more than 50 delegates from both countries are participating in the negotiations, led by Ahn Chang-yong, a free trade officer, and Adam Fenn, a deputy director of the Department for Business and Trade of the United Kingdom. The negotiations will run for three days starting on Jan. 23.
The existing Korea-U.K. free trade agreement (FTA) was the first such deal with an Asian country as the United Kingdom moved to leave the European Union. Although many experts said that it cleared up market uncertainties early on, the texts of the agreement zeroed in on market openings for goods and services, raising the need to reflect the latest global trade norms such as digital technology-based ones and supply chains.
In November 2023, the two countries announced the start of FTA revision negotiations on the occasion of Korean President Yoon Suk-yeol’s state visit to the United Kingdom, and after detailed discussions on the areas of negotiation, the two countries will begin full-scale negotiations, starting with this first round of negotiations.
In preparation for this round, the two countries agreed to discuss the introduction of new trade norms across a range of sectors, including digital technology, supply chains, clean energy, and bio-economy, to build a comprehensive and future-oriented strategic trade relationship, not limited to updating their existing FTA agreement.
“The global trade order is changing more rapidly than ever before, with global supply chains rapidly reorganizing along with the spread of protectionism,” said Chung In-kyo, head of the Trade Negotiations Division at the MOTIE, in a welcome speech at the opening session of the first round of the negotiations. “We will respond to these internal and external uncertainties together and prioritize the creation of a trade environment where companies from both countries can freely do business.”