 South Korea United Kingdom | |
| Type | Free trade agreement |
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| Context | Trade agreement between South Korea and the United Kingdom |
| Negotiators |
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| Parties | |
| Language | |
The South KoreaâUnited 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 KoreaâUK trade, superseding the South KoreaâUK 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 UnionâSouth 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 KoreaâUK Trade Continuity agreement. [6] Trade negotiations formally opened on 22 November 2023. [1] [2]
| Round | Dates | Location | Ref. |
|---|---|---|---|
| 1 | 23â25 January 2024 | Seoul | [7] |
| 2 | 19â22 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
- South KoreaâUnited 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
- ^ a b "UK and South Korea to launch talks on new trade deal as Korean businesses back Britain with ÂŁ21 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. UKâSouth 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
Media related to
Relations of South Korea and the United Kingdom at Wikimedia Commons
| Active |
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| Negotiating |
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| Obsolete |
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|
South Korea United Kingdom | |
| Type | Free trade agreement |
|---|---|
| Context | Trade agreement between South Korea and the United Kingdom |
| Negotiators |
|
| Parties | |
| Language | |
The South KoreaâUnited 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 KoreaâUK trade, superseding the South KoreaâUK 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 UnionâSouth 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 KoreaâUK Trade Continuity agreement. [6] Trade negotiations formally opened on 22 November 2023. [1] [2]
| Round | Dates | Location | Ref. |
|---|---|---|---|
| 1 | 23â25 January 2024 | Seoul | [7] |
| 2 | 19â22 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
- South KoreaâUnited 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
- ^ a b "UK and South Korea to launch talks on new trade deal as Korean businesses back Britain with ÂŁ21 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. UKâSouth 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
Media related to
Relations of South Korea and the United Kingdom at Wikimedia Commons
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