South Korea, UK to launch talks on new trade deal

By Anadolu staff

South Korea will launch talks with the UK on upgrading their free trade agreement (FTA), the Ministry of Trade, Industry and Energy said Tuesday.

South Korean Industry Minister Bang Moon-kyu and his British counterpart Kemi Badenoch plan to sign a joint statement on launching the negotiations on Wednesday, Seoul-based Yonhap News reported, citing a statement from the ministry.

"The talks will focus on establishing a new third-generation FTA that reflects abrupt changes in the economy and trade environment, including bolstering economic security and stabilizing supply chains," it said.

The signing ceremony will be held on the margins of President Yoon Suk Yeol's state visit to Britain, which began on Monday.

The two nations will establish new trade rules, particularly in the energy, digital and bio-economy sectors, with the aim of fostering an "inclusive and future-oriented" partnership, according to Yonhap.

Seoul and London signed the FTA in 2019 and it took effect in 2021 following Britain’s departure from the European Union.

*Writing by Islamuddin Sajid