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On 9 December 2022, the UK launched an eight-week consultation (closing 2 February 2023) on a new Free Trade Agreement (FTA) with South Korea, where businesses, organisations and individuals are asked to shape the UK’s negotiating objectives ahead of trade talks. The consultation comes after both parties signed the UK-Korea FTA which has been in force since 1 January 2021 and replicates, as closely as possible, the terms of the EU-South Korea FTA.
The new agreement is expected to include provisions for digital trade, enhanced climate and further support for small and medium-sized businesses. As part of the negotiations, the UK will also be reviewing Rules of Origin to meet the need of UK businesses. The current Agreement allows UK and Korean exporters to count inputs from the EU when determining whether their goods are UK-originating (EU cumulation), however, the provisions expire at the end of 2023.
Further details on the upcoming negotiations can be found on the UK Government websit