Trade between Korea and the US increases by 33% after FTA enforcement... Improvement negotiations within the year

[Sejong=Asia Economy Reporter Kwon Haeyoung] Trade between South Korea and the United Kingdom increased by 33% during the one year following the enforcement of the Korea-UK Free Trade Agreement (FTA).

On the 7th, the Ministry of Trade, Industry and Energy held a 'Korea-UK FTA Implementation and Improvement Industry-Expert Meeting' at the Korea International Trade Association in Gangnam-gu, Seoul, chaired by FTA Policy Officer Yang Kiuk, and announced this.

This meeting was organized to review the implementation of the Korea-UK FTA, which came into effect on January 1 of last year, and to hear opinions from industry and experts regarding improvement negotiations to be pursued within the year according to the FTA agreement text.

According to the Ministry of Trade, Industry and Energy, trade between the two countries from January to November of last year, after the Korea-UK FTA came into effect, was recorded at $10.6 billion, a 33% increase compared to the same period the previous year. During the same period, the export utilization rate of the Korea-UK FTA was about 90%, showing a high level. However, investment between the two countries decreased by 3% compared to the previous year, totaling 114 cases and $900 million.

Industry and experts evaluated that the Korea-UK FTA, which came into effect simultaneously with the Brexit implementation, maintained continuity and stability in Korea-UK business. Regarding improvement negotiations, they requested the government’s active role in areas such as digital and investment, and expressed hope to continue sharing negotiation trends with the industry and others.

The Ministry of Trade, Industry and Energy reached a consensus on the need to improve the FTA at the Korea-UK Trade Ministers’ Meeting held in Glasgow last November, and is currently discussing with the UK side ways to promptly hold the FTA Trade Committee (ministerial level). The improvement negotiations are planned to begin within this year.

This content was produced with the assistance of AI translation services.