Choo Kyung-ho: "Prompt Activation of Korea-UK Nuclear Industry Dialogue... Start of FTA Improvement Negotiations"

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho stated on the 4th, "Starting with the commencement of the Korea-UK Free Trade Agreement (FTA) improvement negotiations in January next year, we will promptly activate the intergovernmental nuclear industry dialogue to enable participation in the UK's new nuclear power plant projects."

At the Foreign Economic Ministers' Meeting held at the Government Complex Sejong that morning, Deputy Prime Minister Choo said, "The 'Downing Agreement' adopted during President Yoon Suk-yeol's state visit to the UK last month has laid the groundwork for advancing economic cooperation with the UK."

The government plans to pursue follow-up measures focusing on four major areas: trade and investment, clean energy, science and technology, and development cooperation, leveraging this visit. During the visit, a total of 45 memorandums of understanding (MOUs) were signed with the UK, and approximately 1.5 trillion won worth of domestic investment was attracted from two UK offshore wind companies (Coryo and BP).

Deputy Prime Minister Choo said, "We will immediately establish intergovernmental consultative bodies such as the Korea-UK Economic and Financial Dialogue and the Korea-UK Investment Cooperation Council to deepen mutual trade, investment, and financial cooperation, and promptly activate the intergovernmental nuclear industry dialogue to allow our institutions to participate in the UK's new nuclear power projects in the clean energy sector."

He added, "Based on the science and technology implementation agreement signed during the visit, we will promote cooperation in fields such as semiconductors, artificial intelligence (AI), digital technology, and space," and "To strengthen development cooperation, we will hold annual intergovernmental development policy dialogues and enhance cooperative projects between Korea's Economic Development Cooperation Fund (EDCF) and the UK's British International Investment (BII)." The government plans to form a working-level consultative body among related ministries and hold the first meeting on this day to encourage the realization of achievements in the four major economic sectors while the momentum for Korea-UK cooperation is at its highest.

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho is presiding over the 238th Ministerial Meeting on External Economic Affairs held at the Central Building of the Government Complex Sejong on the 4th and delivering opening remarks.

Deputy Prime Minister Choo also stated that efforts will be made to bring the 'Indo-Pacific Economic Framework' (IPEF) agreement into effect.

He explained, "Following the supply chain agreement concluded in May related to IPEF, visible results were achieved in the clean economy and fair economy sectors through the 7th round of negotiations last month," adding, "We have established a supply chain cooperation system with resource-rich countries such as Australia and Indonesia and agreed to promote new investments worth $155 billion in the clean energy sector by 2030."

He emphasized, "The government will make every effort to ensure the swift ratification of the agreement to maximize the benefits of IPEF and will closely respond to ongoing trade negotiations next year."

He also announced support plans for Ukraine's reconstruction. Deputy Prime Minister Choo said, "We have prepared and are implementing a support plan worth $2.3 billion for the establishment of peace in Ukraine and participation of our companies in reconstruction projects," explaining, "In the short term, next year, we plan to actively participate in international discussions on reconstruction through a $100 million contribution to multilateral development banks and $200 million in humanitarian aid." The government also plans to support the Economic Development Cooperation Fund (EDCF) with $2 billion in the mid to long term to enable Korean companies to contribute to Ukraine's infrastructure reconstruction and industrial modernization.

Deputy Prime Minister Choo noted, "Recently, the U.S. government announced provisional guidance from the Foreign Entities of Concern (FEOC) regarding the Inflation Reduction Act (IRA) clean vehicle tax credit, specifying exclusion requirements for battery components and mineral sourcing," adding, "The industry evaluates that this announcement has resolved much of the uncertainty, and it is expected to serve as an opportunity to review and prepare global investment strategies ahead of the full implementation of the requirements."

He said, "This year saw more external uncertainties than ever due to global supply chain restructuring caused by U.S.-China conflicts and armed conflicts worldwide," and added, "The government will continuously strive to protect our interests in restoring free trade and competing for technological leadership by strengthening solidarity with major countries, including establishing a Korea-U.S.-Japan trilateral economic cooperation system, and conducting proactive economic diplomacy."

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