Update: UK - South Korea Negotiations on a new FTA

During the 10th and 21st March both UK and South Korean negotiators met in London for the fourth round of negotiations on an improved Free Trade Agreement (FTA).  

Within the latest round of negotiations, discussions continued on rules of origin and improving the product specific rules for a number of sectors.  Conversations also touched on the Digital Trade chapter which will be new to this improved FTA and will provide commitments on data, trade digitalisation and business safeguards.   

A modernised FTA will be a welcomed update to the current FTA that was negotiated over a decade ago resulting in a number of areas needing modernisation and the introduction of a digital chapter.   

To date, roughly 7,000 UK businesses export goods to Korea with total trade reaching over £15 billion in the four quarters to the end of Q3 2024. South Korea is the UK’s 25th largest trading partner.   

It is expected that the fifth round of negotiations will take place during the summer in Seoul.