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Upgraded Free Trade Agreement with the Republic of Korea: Round Three Negotiations

28 November 2024

Proposing MP
Douglas Alexander Lab Co-op
Lothian East
Type
Written Ministerial Statement
Department
Department for Business and Trade
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TAGS
Brexit Economy

At a Glance

Issue Summary

Douglas Alexander is providing an update on the third round of negotiations for an upgraded Free Trade Agreement (FTA) between the UK and the Republic of Korea.

Action Requested

The Government will continue working towards economic growth by upgrading the FTA with the RoK, which includes a comprehensive chapter on digital trade, simplified rules of origin, and additional commitments. The fourth round of negotiations is expected in London in Spring 2025.

Key Facts

  • Total trade between the UK and RoK was worth £17 billion in the four quarters to the end of Q2 2024.
  • Negotiators made progress on digital trade, rules of origin, services and business mobility, customs and trade facilitation, good regulatory practice, supply chains, trade and gender equality, and anti-corruption.
  • The fourth round of negotiations is expected in London in Spring 2025.
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