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On 22 November 2023, the UK and South Korea launched negotiations on an upgraded trade agreement to boots trade between the two countries. Both parties previously signed the UK-Korea Free Trade Agreement (FTA) which has been in force since 1 January 2021 and replicates, as closely as possible, the terms of the EU-South Korea FTA.
According to the UK Government, South Korea is the 13th largest economy in the world and its import demand is set to grow rapidly. With around 45 million middle class consumers and an import market expected to grow by 45% by 2035, it presents great opportunities for UK companies. The UK and South Korea are both modern economies with big digital sectors and the current trade deal doesn’t include digital chapters that reflect the modern economy. With nearly 80% of UK services exports to Korea delivered digitally in 2021, securing modern digital provisions could unlock big opportunities for UK businesses.
More information on the launch of negotiations and the UK’s strategic approach to the FTA can be found on the UK Government website.
