Seoul: South Korea and Britain commenced the third round of negotiations on Monday to enhance their bilateral free trade agreement (FTA) in response to evolving global trade and business conditions. The discussions, taking place in Seoul, will continue for four days, focusing on sectors such as services, supply chains, digital trade, and biotechnology.
According to Qatar News Agency, South Korea’s Ministry of Trade, Industry and Energy emphasized the mutual goal of accelerating the talks in these key sectors. “Britain is our key partner and an economic ally in emerging sectors such as cutting-edge industries and energy,” stated South Korea’s chief negotiator, Kwon Hye-jin.
The initial FTA between the two nations was signed in August 2019, becoming effective in January 2021 after Britain’s exit from the European Union. The ongoing negotiations follow the first round held in Seoul in January and the second in London in March.