South Korea–United Kingdom Free Trade Agreement
Type | Free trade agreement |
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Context | Trade agreementbetween South Korea and the United Kingdom |
Negotiators |
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Parties | |
Language |
TheSouth Korea–United Kingdom Free Trade Agreement (KUKFTA)is a proposedfree trade agreementwhich began negotiations on 22 November 2023.[1]The trade agreement would be the third FTA to coverSouth 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[edit]
From 1 July 2011 until 30 December 2020, trade between South Korea and the United Kingdom was governed by theEuropean Union–South Korea Free Trade Agreement,while the United Kingdom was amemberof theEuropean Union.[3]Following thewithdrawal of the United Kingdom from the European Union,the UK and South Korea signed acontinuity trade agreementon 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]
- South Korea–United Kingdom relations
- Free trade agreements of South Korea
- Free trade agreements of the United Kingdom
- Foreign relations of South Korea
- Foreign relations of the United Kingdom
- List of bilateral free trade agreements
References[edit]
- ^abJohnson, 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.Archivedfrom the original on 21 November 2023.Retrieved21 November2023.
- ^abKim, Sam; White, Lucy (20 November 2023)."South Korea's Yoon to Talk AI in UK as Trade Negotiations Begin".Bloomberg.Archivedfrom the original on 20 November 2023.Retrieved20 November2023.
- ^"EU - Korea, Republic of".World Trade Organization.Retrieved16 March2024.
- ^Truss, Elizabeth (21 August 2019)."UK and Korea to sign trade continuity deal to ensure businesses are ready to trade post-Brexit".GOV.UK.Archivedfrom the original on 22 August 2019.Retrieved16 March2024.
- ^Song, Jung-a; Giles, Chris; Rovnick, Naomi (10 June 2019)."South Korea agrees deal with UK for post-Brexit trade".Financial Times.Archivedfrom the original on 11 June 2019.Retrieved16 March2024.
- ^Hands, Greg (9 December 2022)."UK kicks off process to negotiate new trade deal with South Korea".GOV.UK.Archivedfrom the original on 9 December 2022.Retrieved16 March2024.
- ^abBin, Hyun (25 January 2024)."1st round of Korea-UK FTA upgrade negotiation".The Korea Times.Archivedfrom the original on 19 March 2024.Retrieved19 March2024.
- ^ab"Korea and UK to hold 2nd official negotiating round on upgrading bilateral FTA".Ministry of Trade, Industry and Energy.19 March 2024.Archivedfrom the original on 8 April 2024.Retrieved8 April2024.
- ^Hands, Greg (8 February 2024)."Republic of Korea Trade Negotiations Update".UK Parliament.Archivedfrom the original on 1 March 2024.Retrieved19 March2024.
- ^Smith, Josh (20 March 2024)."S.Korea's Yoon vows more cooperation with Britain as trade talks resume".Reuters.Archivedfrom the original on 8 April 2024.Retrieved8 April2024.
External links[edit]
Media related toRelations of South Korea and the United Kingdomat Wikimedia Commons