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S. Korea, Britain launch talks to improve bilateral FTA

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Yonhap | 23 January 2024

S. Korea, Britain launch talks to improve bilateral FTA

by Kang Yoon-seung

SEJONG, Jan. 23 (Yonhap) — South Korea’s industry ministry said Tuesday it has launched the first round of talks with Britain to discuss ways to improve their bilateral free trade agreement (FTA).

The meeting, which will run through Thursday in Seoul, will focus on updating the latest global trade norms in areas, including the digital industry and supply chains, according to the Ministry of Trade, Industry and Energy.

South Korea and Britain implemented the FTA in January 2021 following London’s departure from the European Union.

The two countries will also share opinions on establishing "future-oriented" and "strategic" trade relationships encompassing sectors that include clean energy, it added.

"The global trading norms are changing more rapidly than ever amid the spread of protectionism and the restructuring of international supply chains," Trade Minister Cheong In-kyo said in his opening remarks.

"(The two countries) should address such internal and external uncertainties together," he added, highlighting the importance of establishing a business-friendly environment.

The second round of negotiations will be held in London in March, according to the ministry.

 source: Yonhap