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S. Korea, Britain to hold new round of talks for upgrading FTA

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Yonhap | 19 March 2024

S. Korea, Britain to hold new round of talks for upgrading FTA

by Oh Seok-min

SEOUL, March 19 (Yonhap) — South Korea was to hold the second round of negotiations with Britain for upgrading the bilateral free trade agreement (FTA) in response to changing global trade and business circumstances, Seoul’s finance ministry said Tuesday.

The negotiation is scheduled to kick off in London on Tuesday (local time) to run through Friday, where the two sides will discuss how to improve the bilateral pact by reflecting new global trade norms on digital economy, service sectors and other issues, according to the Ministry of Trade, Industry and Energy.

Seoul and London inked the FTA in August 2019, and the pact went effect in January 2021, following Britain’s departure from the European Union.

The first round of talks for the FTA revision took place in Seoul in January.

"The envisioned FTA revision is expected to strengthen trade relations between the two sides in such new fields as gender and clean energy. It is also expected to help expand our exports and investment, and ensure stable supply chains," the ministry said in a release.

 source: Yonhap