Trade Minister (): The first round of United
Kingdom-Republic of Korea (RoK) Free Trade Agreement (FTA)
negotiations took place during the week commencing 22 January. A
delegation of officials undertook technical discussions in-person
in Seoul with some talks taking place virtually. This follows a
successful state visit in November 2023, which saw negotiations
launched by the Secretary of State and the Korean Minister for
Trade, Industry and Energy Bang Moon Kyu, as part of a wider
Business Forum event held at Mansion House.
This round was an opportunity to build on the scoping
conversations we had held prior to launch and to explore a
variety of further areas with RoK. Overall, these conversations
demonstrated our shared ambition to secure an enhanced deal to
create new opportunities for business in the UK and RoK. During
the first round, there were discussions across 17 policy areas
over 22 sessions.
Our existing agreement came into effect in 2021 and enabled trade
continuity between the UK and the RoK following the UK’s
withdrawal from the EU. It replicates the provisions outlined in
the 2011 EU–RoK FTA. Our trade relationship with the RoK has
grown substantially since 2011, from £7.4 billion to £18.3billion
in 2022. With strong utilisation of the existing agreement,
ongoing growth in bilateral trade, and an ever-strengthening
broader strategic relationship, this negotiation represents an
opportunity to ensure that a critical set of trading arrangements
are secured and optimised for the next phase of UK-RoK relations.
To allow more UK businesses to fully realise the opportunities of
the RoK market. To maximise the use of modern trading tools,
while protecting businesses and consumers from current and future
global pressures.
The second round of negotiations is due to take place in March
2024.
HM Government remains clear that any deal will be in the best
interests of the British people and the economy. We will not
compromise on our high environmental and labour protections,
public health, animal welfare and food standards, and we will
maintain our right to regulate in the public interest. We are
also clear that during these negotiations, the NHS and the
services it provides are not on the table.
His Majesty’s Government will keep Parliament updated as
negotiations progress.
