South Korea–United Kingdom Free Trade Agreement

The South Korea–United Kingdom Free Trade Agreement (KUKFTA) is a proposed free trade agreement which began negotiations on 22 November 2023. The trade agreement would be the third FTA to cover South Korea–UK trade, superseding the South Korea–UK Trade Continuity Agreement; extending the deal to cover digital trade. In 2021, 80% of the UK's services exports, in areas from legal advice to management consultancy, were delivered digitally.

History
From 1 July 2011 until 30 December 2020, trade between South Korea and the United Kingdom was governed by the European Union–South Korea Free Trade Agreement, while the United Kingdom was a member of the European Union. Following the withdrawal of the United Kingdom from the European Union, the UK and South Korea signed a continuity trade agreement on 22 August 2019, based on the EU free trade agreement; the agreement entered into force on 1 January 2021.

Negotiations
On 9 December 2022, South Korea and the United Kingdom announced their intentions start talks on a modernised free trade agreement; the agreement would supersede the South Korea–UK Trade Continuity agreement. Trade negotiations formally opened on 22 November 2023.

The first round of negotiations concluded on the 25 January 2024.

The second round of negotiations concluded on the 22 March 2024.