Decision

16 September 2021: Joint conclusions from the UK-Republic of Korea Committee on Trade in Goods

Updated 7 February 2022

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  1. The Deputy Director of Department of International Trade, UK and Director General of the Ministry of Trade, Industry and Energy, the Republic of Korea, met on 16 September on the occasion of the first Committee meeting on Trade in Goods under the UK-Republic of Korea Free Trade Agreement.

  2. The chairs reflected on the importance of the FTA as a cornerstone to strengthen the bilateral trading relationship further. Both parties valued their existing relationship and looked forward to collaborating on Trade in Goods in the future.

  3. The co-chairs agreed that both parties will finalise adoption of the Rules of Procedure for the Committee on Trade in Goods once empowered to do so by a decision of the Trade Committee. The secretariats will exchange (via email) scanned versions of the signed decisions for their respective records at that time.

  4. The chairs acknowledged and thanked each other for the successful delivery of the FTA implementation. Both Parties noted that trade between the two countries has continued to increase in 2021, and that the FTA has contributed to the recovery of Covid-19 for both economies.

  5. Both the parties agreed to share their respective notifications of the agreement to the WTO Regional Trade Agreement (RTA) Committee and share methodological information on the development of data on preference utilisation rates. This will be an important element of future work to maximise business opportunities of the agreement.

  6. The parties noted the ongoing discussions between officials on steel safeguards being conducted outside this Committee. The UK also agreed to provide further updates on the implementation of the Northern Ireland Protocol as necessary.

  7. The parties discussed the timeline for holding the next Committee on Trade in Goods, as per the agreement. Although the agreement specifies alternate meetings between London and Seoul, the UK also suggested retaining the option to hold the meeting virtually as appropriate.

  8. The co-chairs agreed to continue building on the trading relationships of both countries and to provide continuity and certainty for business following the UK’s exit from the European Union.

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