UK, S Korea announce launch of negotiations to upgrade bilateral FTA

The first round of negotiations will commence in Seoul on January 22 next year, and further rounds of negotiations will be organised thereafter.

The announcement was made in a joint statement issued at the end of a meeting between Kemi Badenoch, UK secretary of state for the department for business and trade, and Bang Moon Kyu, South Korean minister of trade, industry and energy in London during the official visit of President Yoon Suk Yeol to the United Kingdom.

Negotiations will build on and improve the existing agreement, further promoting trade and investment between two like-minded nations and ensuring our growing trade and investment relationship continues to thrive, the joint statement said.

Both sides will work to agree on a new ‘rules of origin’ chapter that reduces the costs businesses face when exporting and recognises existing and future supply chains, enabling United Kingdom and Korean industries to take full advantage of the FTA.

Both the countries will work towards a modern and comprehensive digital chapter, which will future proof their trade relationship by including elements that facilitate more efficient and secure trade through the use of digital technologies, ensure free and trusted cross border data flows, avoid unjustified data localisation requirements and prohibit customs duties on electronic transmissions, including content transmitted electronically.

Both sides also committed to deepening and broadening cooperation across a range of emerging trade agendas.

Both will work towards content related to supply chains that will facilitate further integration between the economies of both sides and ensure customs procedures are as predictable and streamlined as possible.

Cooperation on energy will seek to help deliver against their respective climate change ambitions. Support for small and medium-sized businesses will aim to maximise the utility of the new agreement.

Fibre2Fashion News Desk (DS)