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Yoon and Starmer agree to accelerate FTA talks with focus on digital trade and biotech
Joongang Ilbo | English | News | Nov. 21, 2024 | UndeterminedTrade Issues and Numbers
President Yoon Suk Yeol of South Korea and British Prime Minister Keir Starmer have agreed to expedite negotiations to enhance their bilateral Free Trade Agreement (FTA). Their discussions at the G20 summit in Rio aimed to improve cooperation in services, supply chains, digital trade, and biotechnology. This meeting was their second in-person conversation following a prior discussion in Washington in July.
Negotiations to revise the FTA began in January, as both leaders aimed to strengthen trade relations. The existing FTA has been in effect since January 2021, after Britain's exit from the European Union. During their talks, Yoon and Starmer also addressed security issues on the Korean Peninsula and military collaboration between Russia and North Korea.
Both leaders committed to a unified and strong condemnation of evolving security concerns and pledged to coordinate their responses. They recognized the interconnectedness of security challenges in Northeast Asia and Europe and agreed to collaborate on initiatives for peace and reconstruction in Ukraine.