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SOUTH KOREA-FTA To Be Updated; Yoon To Address Parliament

UK

The South Korean Ministry of Trade, Industry and Energy.has confirmed that Seoul and London will re-open talks on the free trade agreement signed between the two countries in 2019. The UK Dep't for Business and Trade states that the two countries are set to announce GBP21bn of South Korean investment in UK green energy and infra projects. Yonhap reportsthe ministry stating, "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,"

  • Yonhap: "The two nations will set new trade rules, particularly in the energy, digital and bio-economy sectors, with the aim of fostering an "inclusive and future-oriented" partnership, it added."
  • South Korean President Yoon Suk-yeol is currently on a state visit to the UK, the first to be hosted by King Charles III in a sign of the British gov'ts keen interest in developing closer links with a) a Western-aligned Asian nation and b) a leader in global chip tech and AI advancement.
  • Yoon will deliver a speech in English to the Houses of Parliament later today before holding talks with PM Rishi Sunak on Wednesday.
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