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]
 South Korea United Kingdom | |
| Type | Free trade agreement |
|---|---|
| Context | Trade agreement between South Korea and the United Kingdom |
| Negotiators |
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| Parties | |
| Language | |
History edit
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 edit
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]
| 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 edit
References edit
- ^ a b "UK and South Korea to launch talks on new trade deal as Korean businesses back Britain with £21 billion of investment". GOV.UK. 21 November 2023. Archived from the original on 21 November 2023. Retrieved 21 November 2023.
- ^ a b "South Korea's Yoon to Talk AI in UK as Trade Negotiations Begin". Bloomberg. 20 November 2023. Archived from the original on 20 November 2023. Retrieved 20 November 2023.
- ^ "EU - Korea, Republic of". World Trade Organization. Retrieved 16 March 2024.
- ^ 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.UK–South Korea FTA
- ^ "South Korea agrees deal with UK for post-Brexit trade". Financial Times. 10 June 2019. Archived from the original on 11 June 2019. Retrieved 16 March 2024.
- ^ "UK kicks off process to negotiate new trade deal with South Korea". GOV.UK. 9 December 2022. Archived from the original on 9 December 2022. Retrieved 16 March 2024.
- ^ a b "1st round of Korea-UK FTA upgrade negotiation". The Korea Times. 25 January 2024. Archived from the original on 19 March 2024. Retrieved 19 March 2024.
- ^ 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.
- ^ "Republic of Korea Trade Negotiations Update". UK Parliament. 8 February 2024. Archived from the original on 1 March 2024. Retrieved 19 March 2024.
- ^ "S.Korea's Yoon vows more cooperation with Britain as trade talks resume". Reuters. 20 March 2024. Archived from the original on 8 April 2024. Retrieved 8 April 2024.
External links edit
Media related to Relations of South Korea and the United Kingdom at Wikimedia Commons