South Korea, UK Agree on Accelerating Trade Deal Talks
(MENAFN) South Korea and the United Kingdom reached a mutual understanding on Monday to hasten discussions for a renewed bilateral free trade pact.
The goal of this effort is to further strengthen economic ties and boost investment opportunities between the two nations.
This development occurred during a meeting in Seoul, where South Korea’s Vice Foreign Minister Kim Jina welcomed Catherine West, the UK’s senior envoy for Asia-Pacific affairs, for diplomatic discussions.
According to a joint statement issued by the South Korean Foreign Ministry, both parties “reviewed progress of negotiations for an upgraded UK–ROK Free Trade Agreement.”
The two delegations also committed to working together across multiple fields such as commerce and investment, economic security, artificial intelligence (AI), quantum computing, the defense sector, and the energy industry.
Earlier in June, South Korean President Lee Jae Myung and British Prime Minister Keir Starmer engaged in dialogue on the sidelines of the Group of Seven (G7) summit held in Canada.
Official figures from the UK revealed that the total value of goods and services exchanged between the countries reached £15.4 billion (approximately $20.8 billion) in the twelve months leading up to the end of the first quarter of 2025.
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