Yoon says updated S. Korea-Britain FTA will enable their businesses to lead global market

President Yoon Suk Yeol said Wednesday that updating the South Korea-Britain free trade agreement will enable the two countries’ businesses to lead the global market.

Yoon made the remark during a business forum attended by CEOs and business representatives from both countries during his ongoing state visit to London, as the two sides signed a joint declaration announcing the launch of negotiations to revise the FTA, which went into effect in 2021.

“Over the course of the negotiations, we will actively reflect the opinions of both countries’ businesspeople and set new rules in each sector, including the digital, supply chains and energy sectors,” Yoon said. “We will create a playing field where both countries’ businesses can run freely and ensure they can jointly lead the global market.”

Yoon also said the two countries will share policies and information on supply chains through the establishment of a supply chain dialogue at the minister level and the signing of a memorandum of understanding (MOU) on cooperation in semiconductors.

The forum was attended by notable business executives, including Samsung Electronics Executive Chairman Lee Jae-yong and Hyundai Motor Group Executive Chair Euisun Chung from the South Korean side and the CEOs of ARM, Rolls Royce and Standard Chartered from the British side.

In addition to the declaration on revising the FTA, the two governments signed a number of MOUs on the forum’s sidelines on enhancing cooperation on semiconductors, clean energy, nuclear energy, off-shore wind power and joint defense industry exports.

More than 30 MOUs were also signed between the two countries’ companies and institutions, covering a wide range of advanced technology industries, such as energy, artificial intelligence, defense, bio and finance.