The negotiations, running from Monday through Friday, aim to modernize the Korea-UK FTA that was hastily signed after Britain's exit from the European Union. The original deal largely mirrored the terms of South Korea's existing trade pact with the EU bloc.
The South Korean team is headed by Kwon Hye-jin, the country’s chief trade negotiator from the Ministry of Trade, Industry and Energy. Team Britain is led by Kwon’s counterpart Adam Fenn, chief negotiator at the United Kingdom's Department for Business and Trade.
The two countries are seeking to ease rules of origin requirements to make them more business-friendly while introducing new trade standards covering supply chains and digital commerce. This marks their fifth attempt to bridge gaps on key sticking points.
Negotiators will tackle 16 separate areas including services, investment, digital trade, rules of origin and government procurement as they work to narrow differences on major issues dividing the two sides.
"The importance of concluding free trade agreements to counter deepening protectionism is growing day by day," Kwon said. She expressed hope the upgraded FTA would help both nations jointly respond to global supply chain risks and expand trade and investment cooperation.
The negotiation follows previous March talks held in London, discussing subjects such as bioeconomy, gender equality, and strengthening economic bonds between South Korea and the UK.
reporter
Kim Dong-young
davekim0807@ajupress.com
Copyright ⓒ Aju Press All rights reserved.
View more comments