Commons Sense

House of Commons · Ministers' Questions

Free Trade Agreement Negotiations: South Korea

Thursday 7 March 2024 · 2 questions

Summarised by AI from the official record, so it can contain mistakes.

Read the full transcript on Parliament.uk

At a glance

Answered 1 Partly answered 1 Not answered 0

Key points

  • Recent progress has been made on negotiating an enhanced free trade agreement with South Korea following President Yoon's state visit.
  • A memorandum of understanding was signed for the joint development of a small modular nuclear reactor between the UK and South Korea.
  • The UK's growing trading relationship with South Korea is emphasized, with bilateral trade totalling 16 billion in the 12 months to September 2023.

Topics (select to filter)

Questions & Answers

Q1 John Whittingdale Con Maldon
Business & Trade
Context

No specific event prompted this question, but it follows recent diplomatic and economic engagements between the UK and South Korea.

Question

What recent progress has been made on negotiating a free trade agreement with South Korea?

Answer from Greg Hands

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.

Answered
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Q2 John Whittingdale Con Maldon
Energy Business & Trade
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.

Question

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?

Answer from Greg Hands

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.

Partly answered

Not addressed: The MP asked about pressing ahead with an enhanced FTA but did not receive a direct commitment or timeline for this action.

How: Both Countries Are Making Good Progress In The Negotiations

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