Minister for Trade (): The third round of
negotiations on an upgraded Free Trade Agreement (FTA) with the
Republic of Korea (RoK) took place in Seoul between 5 and 14
November 2024.
The talks were the UK's first with the RoK since the Secretary of
State for Business and Trade announced the government's intention
to deliver the UK's FTA negotiations programme in July.
Economic growth is our first mission in Government and FTAs have
an important role to play in achieving this. An upgraded FTA with
the RoK will contribute to growth, jobs and prosperity in the UK,
and provide long-term certainty to UK businesses. Improvements to
the existing agreement will include a comprehensive chapter on
digital trade, simplified rules of origin and a range of
additional commitments that capture advancements in trade policy
beyond our existing terms. Total trade between the UK and RoK was
worth £17billion in the four quarters to the end of Q2 2024. An
upgraded FTA is intended to support further growth in this trade.
Negotiators made good progress on a number of areas, including
but not limited to:
Digital trade
Constructive discussions were held to build on the existing
agreement's limited digital provisions. Discussions during the
round covered a range of areas, including data, trade
digitalisation, and cooperation on emerging technologies.
Rules of Origin
Good progress was achieved towards securing a new Rules of Origin
chapter that supports current and future supply chains.
Discussions covered the chapter's general provisions and origin
procedures text, as well as Product Specific Rules.
Services and Business Mobility
Productive discussions were held across a range of areas
including domestic regulation, financial services, business
mobility and professional and business services. The UK is
seeking commitments to open up new opportunities for services
trade.
Customs and Trade Facilitation
Good progress was made, with sides agreeing a large part of the
chapter. These commitments will make customs processes more
predictable and facilitative.
Good Regulatory Practice
Negotiators made significant progress towards agreeing the RoK's
first Good Regulatory Practice chapter, which will support
companies to operate in a more transparent and predictable
regulatory environment.
Other Areas
Positive discussions were held across a range of areas of the FTA
including Supply Chains, Trade and Gender Equality, and
Anti-Corruption.
The Government will only ever sign a trade agreement which aligns
with the UK's national interests, upholding our high standards
across a range of sectors, including protections for the National
Health Service.
The fourth round of negotiations is expected to take place in
London in the Spring of 2025. The Government will continue to
work towards delivering outcomes in the FTA that secure economic
growth for the UK and will update Parliament on the progress of
discussions with the RoK as they continue to develop.
