The Ministry of Trade, Industry and Energy announced the conclusion of the Korea-UK Free Trade Agreement (FTA) improvement negotiations and signed a joint declaration in London on December 15. The negotiations included the relaxation of rules of origin for major export items such as automobiles and K-food, visa system improvements, supply chain stabilization cooperation, and the introduction of digital trade norms.
The Korea-UK FTA was initially signed to ensure continuity in trade and investment following the UK’s withdrawal from the European Union. The recent improvement negotiations involved six rounds of negotiations and five ministerial meetings since January 2024. Key outcomes include the relaxation of rules of origin for automobiles, K-beauty, and K-food, additional opening of the UK high-speed rail market, and the opening of the online gaming service market.
Yeo Han-koo, the Chief Negotiator for Trade, emphasized that the agreement would strengthen the free market order amid the spread of protectionism and enhance economic cooperation with the UK. He also highlighted the establishment of comprehensive cooperation norms, including digital trade and supply chain stabilization. UK Trade Minister Chris Bryant stated that the agreement would support the service industries and companies of both countries, promoting economic growth.
Following the declaration of the agreement, the government plans to promptly complete the legal review and Korean translation of the agreement text, and proceed with the necessary procedures for formal signing, economic impact assessment, and parliamentary ratification to ensure the agreement’s implementation.