logo
S. Korea, Britain set to hold 5th round of follow-up negotiations to improve FTA

S. Korea, Britain set to hold 5th round of follow-up negotiations to improve FTA

Korea Heralda day ago
South Korea and Britain were set to kick off a fresh round of follow-up negotiations aimed at upgrading their bilateral free trade agreement to further facilitate trade and investment between the two countries, Seoul's industry ministry said Monday.
Trade delegations from the two countries were set to hold the fifth round of negotiations in Seoul from later in the day, seeking to ease regulations on product origins and introduce new rules in areas of supply chain and digital trade, according to the Ministry of Trade, Industry and Energy. The trade talks are scheduled to run through Friday.
In this week's meeting, the countries will exchange their opinions on 16 areas, including services, investment, digital trade, product origin regulations and government procurement.
Seoul and London implemented their bilateral FTA in 2021, following Britain's withdrawal from the European Union. The negotiations to modernize the trade agreement began in 2023.
"Amid intensifying global trade protectionism, the importance of free trade agreements is growing every day," said Kwon Hye-jin, director general for FTA negotiations at the ministry.
"By improving the Korea-Britain FTA, we hope the two countries can jointly respond to the global supply chain risk and expand cooperation in trade and investment in major sectors," she added. (Yonhap)
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Presidential office to hold response meeting as Trump unveils tariffs, extends deadline
Presidential office to hold response meeting as Trump unveils tariffs, extends deadline

Korea Herald

time20 minutes ago

  • Korea Herald

Presidential office to hold response meeting as Trump unveils tariffs, extends deadline

The presidential office said it will hold a response meeting with relevant ministries Tuesday to discuss measures for tariff negotiations with the United States, as US President Donald Trump said Washington will impose 25 percent tariffs on South Korean goods but extended a deadline for the talks. Kim Yong-beom, presidential chief of staff for policy, will preside over the meeting at 1:30 p.m., which will be attended by senior aides, the minister of government policy coordination and senior officials from the ministries of industry, finance and foreign affairs. Participants are expected to review recent developments in the tariff talks and coordinate response strategies. In a letter addressed to President Lee Jae Myung, US President Donald Trump said 25 percent "reciprocal" tariffs will take effect on Aug. 1, weeks later than the initial deadline set for this week. National Security Adviser Wi Sung-lac and Trade Minister Yeo Han-koo are currently in Washington as part of coordinated efforts to address tariffs and other alliance issues. (Yonhap)

Lee's top adviser tells Rubio to hold S. Korea-US summit at early date
Lee's top adviser tells Rubio to hold S. Korea-US summit at early date

Korea Herald

timean hour ago

  • Korea Herald

Lee's top adviser tells Rubio to hold S. Korea-US summit at early date

South Korea's National Security Adviser Wi Sung-lac told US Secretary of State Marco Rubio that Seoul hopes to hold a summit between President Lee Jae Myung and US President Donald Trump at an early date, the presidential office said Tuesday. The talks between Wi and Rubio in Washington came as Trump shared a letter with Lee saying that the US will begin 25 percent tariffs on all South Korean products on Aug. 1, granting another three-week pause that allowed more time for Seoul to reach a tariff deal with his administration. During the talks, the South Korean side hoped to hold a summit between Lee and Trump at an early date "to advance a mutually beneficial outcome in all pending issues," Lee's office said in a statement. In return, the US side shared understanding, according to the statement. During the meeting, Wi emphasized the need to advance tariff negotiations in a way that strengthens the bilateral alliance and expressed hope for continued cooperation between the two sides, the presidential office said. Rubio shared the consensus and expressed hope that the two countries would remain in close communication to reach a trade agreement until the actual imposition of tariffs on Aug. 1, according to the office. (Yonhap)

Trump unveils 25% tariffs on goods from South Korea, Japan in letters to leaders
Trump unveils 25% tariffs on goods from South Korea, Japan in letters to leaders

Korea Herald

time7 hours ago

  • Korea Herald

Trump unveils 25% tariffs on goods from South Korea, Japan in letters to leaders

WASHINGTON/BRUSSELS (Reuters) -- President Donald Trump said on Monday the U.S. would impose a 25% tariff on imports from Japan and South Korea beginning Aug. 1 as he unveiled the first two of an expected 12 letters to trading partners outlining the new levies they face. "If for any reason you decide to raise your Tariffs, then, whatever the number you choose to raise them by, will be added onto the 25 percent that we charge," Trump said in letters to the leaders of the two Asian countries, which he posted on his Truth Social platform. Later, Trump also announced the U.S. will impose 25 percent tariffs on Malaysia and Kazakhstan, 30% on South Africa and 40% on Laos and Myanmar. The rate for South Korea is the same as Trump initially announced on April 2, while the rate for Japan is 1 point higher than first announced. A week later, he capped all of the so-called reciprocal tariffs at 10% until July 9 to allow for negotiations. Only two agreements have so far been reached, with Britain and Vietnam. There was no immediate response from the Japanese or South Korean embassies on the announcement. About 12 countries will receive letters from Trump, White House spokeswoman Karoline Leavitt said at a briefing without identifying them. She said Trump would sign an executive order on Monday formally delaying the July 9 deadline to August 1. "There will be additional letters in the coming days," Leavitt said, adding that "we are close" on some deals. The European Union will not be receiving a letter setting out higher tariffs, EU sources familiar with the matter told Reuters on Monday. U.S. stocks fell in response, the latest market ruction since Trump unleashed a global trade war on his return to office in January. His moves have repeatedly whipsawed financial markets and sent policymakers scrambling to protect their economies. U.S. stocks were driven to near bear-market territory by his cascade of tariff announcements through the early spring but quickly rebounded to record highs in the weeks after he put the stiffest levies on hold on April 9.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store