Free Trade Agreement Negotiations South Korea 2024-03-07
2024-03-07
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Response quality
Questions & Answers
Q1
Direct Answer
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Context
No specific event prompted this question, but it follows recent diplomatic and economic engagements between the UK and South Korea.
What recent progress has been made on negotiating a free trade agreement with South Korea?
We have excellent relations with South Korea, as my right hon. Friend will know as the Prime Minister's trade envoy there. Bilateral trade totalled £16 billion in the 12 months to September 2023. Negotiations to upgrade our FTA with South Korea were launched as part of President Yoon's state visit in November. Round 1 of the talks has already taken place, and round 2 will take place later this month here in London.
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Assessment & feedback
Response accuracy
Q2
Partial Answer
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Context
The MP, in his capacity as trade envoy, recently attended the signing of a memorandum of understanding on joint development of small modular nuclear reactors. He seeks further information about pressing ahead with an enhanced FTA.
On Tuesday, I attended the Korean embassy for the signing of a memorandum of understanding on the joint development of a small modular nuclear reactor. Will my right hon. Friend press ahead with the enhanced free trade agreement, which will offer huge opportunities to build on the existing £17 billion trade relationship?
My right hon. Friend is absolutely right. In the UK, of course, we have our own, superb Rolls-Royce model of small modular reactor as well. He is right about the importance of our growing trading relationship with Korea. As a former Secretary of State for Culture, Media and Sport, he will also know that 71% of our services trade with Korea last year was delivered digitally.[Official Report, 11 March 2024, Vol. 747, c. 2MC.] (Correction) We need to upgrade the deal to make sure that it reflects modern, digital trade as well. Both countries are making good progress in the negotiations.
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Assessment & feedback
The MP asked about pressing ahead with an enhanced FTA but did not receive a direct commitment or timeline for this action.
Both Countries Are Making Good Progress In The Negotiations
Response accuracy