Seoul: South Korea and Britain have initiated a new series of negotiations aimed at enhancing their bilateral free trade agreement (FTA) to promote trade and investment between the two nations, as stated by Seoul's industry ministry on Monday. Trade representatives from both countries are gathering in Seoul for the fifth round of discussions, which are expected to address regulations on product origins and propose new rules focusing on supply chain and digital trade operations. These negotiations are set to continue until Friday.
According to Yonhap News Agency, the discussions will cover 16 key areas, including services, investment, digital trade, product origin regulations, and government procurement. The existing FTA between Seoul and London was established in 2021 after Britain's exit from the European Union, with modernization talks commencing in 2023.
Kwon Hye-jin, director general for FTA negotiations at the ministry, highlighted the increasing importance of free trade agreements amidst global trade protectionism. Kwon expressed the hope that by enhancing the Korea-Britain FTA, both nations can address global supply chain risks and boost cooperation in significant sectors of trade and investment.