South Korea–United Kingdom Free Trade Agreement Explained
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]
History
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
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]
KUKFTA Round of Negotiations | Round | Dates | Location | Ref. |
|---|
| 1 | 23–25 January 2024 | | |
| 2 | 19–22 March 2024 | | | |
The first round of negotiations concluded on the 25 January 2024.[7] [8]
The second round of negotiations concluded on the 22 March 2024.[9] [10]
See also
Notes and References
- News: Johnson. 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. 21 November 2023. https://web.archive.org/web/20231121094547/https://www.gov.uk/government/news/uk-and-south-korea-to-launch-talks-on-new-trade-deal-as-korean-businesses-back-britain-with-21-billion-of-investment. 21 November 2023. live.
- News: Kim. Sam. White. Lucy. 20 November 2023. South Korea's Yoon to Talk AI in UK as Trade Negotiations Begin. Bloomberg. 20 November 2023. subscription. https://web.archive.org/web/20231120225928/https://www.bloomberg.com/news/articles/2023-11-20/south-korea-s-yoon-to-talk-ai-in-uk-as-trade-negotiations-begin. 20 November 2023. live.
- Web site: EU - Korea, Republic of. World Trade Organization. 16 March 2024.
- Web site: UK and Korea to sign trade continuity deal to ensure businesses are ready to trade post-Brexit. Truss. Elizabeth. 21 August 2019. GOV.UK. 16 March 2024. https://web.archive.org/web/20190822022849/https://www.gov.uk/government/news/uk-and-korea-to-sign-trade-continuity-deal-to-ensure-businesses-are-ready-to-trade-post-brexit. 22 August 2019. live.
- Web site: Song. Jung-a. Giles. Chris. Rovnick. Naomi. South Korea agrees deal with UK for post-Brexit trade. Financial Times. 10 June 2019. 16 March 2024. subscription. https://web.archive.org/web/20190611130903/https://www.ft.com/content/4e9e0b5e-8b1f-11e9-a1c1-51bf8f989972. 11 June 2019. live.
- News: Hands. Greg. 9 December 2022. UK kicks off process to negotiate new trade deal with South Korea. GOV.UK. 16 March 2024. https://web.archive.org/web/20221209010622/https://www.gov.uk/government/news/uk-kicks-off-process-to-negotiate-new-trade-deal-with-south-korea. 9 December 2022. live.
- News: Hands. Greg. 8 February 2024. Republic of Korea Trade Negotiations Update. UK Parliament. 19 March 2024. https://web.archive.org/web/20240301142834/https://questions-statements.parliament.uk/web/20240301142834/https://questions-statements.parliament.uk/written-statements/detail/2024-02-08/hcws253. 1 March 2024. live.
- News: Bin. Hyun. 25 January 2024. 1st round of Korea-UK FTA upgrade negotiation. The Korea Times. 19 March 2024. https://web.archive.org/web/20240319221508/https://www.koreatimes.co.kr/www/nation/2024/03/113_367619.html. 19 March 2024. live.
- News: 19 March 2024. Korea and UK to hold 2nd official negotiating round on upgrading bilateral FTA. Ministry of Trade, Industry and Energy. 8 April 2024. https://web.archive.org/web/20240408121330/https://english.motie.go.kr/eng/article/EATCLdfa319ada/1725/view. 8 April 2024. live.
- News: Smith. Josh. 20 March 2024. S.Korea's Yoon vows more cooperation with Britain as trade talks resume. Reuters. 8 April 2024. registration. https://web.archive.org/web/20240408121415/https://www.reuters.com/business/skoreas-yoon-vows-more-cooperation-with-britain-trade-talks-resume-2024-03-20/. 8 April 2024. live.
