WT/REG431/M/1  
17 October  2022 
(22-7833) Page: 1/3 
Committee on Regional Trade Agreements  
Hundred and  Fourth  Session    
 
FREE TRADE AGREEMENT BETWEEN THE UNITED KINGDOM AND THE REPUBLIC OF 
KOREA (GOODS  AND SERVICES ) 
NOTE ON THE MEETING OF  22 SEPTEMBER  2022 
Chairm an: Ambassador H.E. Mr. Taeho LEE (Republic of Korea ) 
1.1.  The 10 4th Session of the Committee on Regional Trade Agreements (hereinafter "CRTA" or the 
"Committee") was convened in Airgram WTO/AIR/RTA/ 29/Rev.1  dated 1 2 September  2022.  
1.2.  Under Agenda Item F.V of the Session, the CRTA considered the Free Trade  Agreement between 
the United Kingdom and the Republic of Korea  (Korea) , goods and services (hereinafter "the 
Agreement"). The Chairman  stated that the factual presentation had been prepared by the 
Secretariat on its own responsibility in full consultation with the Parties, in accordance with 
paragraph 7(b) of the Transparency Mechanism for Regional Trade Agreements (document 
WT/L/671).  
1.3.  The Chairman  recalled that the Agreement had entered into force on 1 January 2021. It had 
been notified to the WTO by the Parties on  31 December 2020 under Articles XXIV:7(a) of the GATT 
1994 and V:7 of the GATS as establishing a free trade area for trade in goods and services, within 
the meaning of Articles XXIV of GATT 1994 and V of the GATS, respectively (document 
WT/REG431/N/1 - S/C/N/1029). The text of the Agreement, together with its Annexes, was available 
on Parties' official websites and in the WTO RTAs database. The factual presentation, document 
WT/REG431/1, and questions and replies, document WT/REG431/2, had been distributed . 
1.4.  The representative of the Republic of Korea  thanked  the Secretariat for preparing th e 
Committee meeting and the factual presentation, as well as the Members for their interest and 
insightful questions regarding the Agreement . He also  thank ed the UK for i ts cooperation in preparing 
for the session of the Committee.  
1.5.  The Agreement had entered into force on 1 January 2021  and had transitioned, as far as 
possible, the Korea -EU Free Trade Agreement which had entered into force on 1 July 2011 and had 
secured sta bility and continuity of bilateral trade relations between the two Parties . As a high 
standard agreement, it had provided tangible benefits by giving Korea and UK companies certainty 
and clarity in their trading arrangements.  
1.6.  The Agreement had also been an important signal of shared commitment to an open, rules -
based multilateral trading system. Korea and the UK were like-minded partners that shared many 
common interests and  were two economies that had substantive trade and investment linkages. The 
UK was Korea's 4th largest trading partner in the European region. In 2021  in particular, bilateral 
trade volume had increased by up to one -third, reaching USD 11.8 billion — dispelling any concerns 
over a possible decline in bilateral economic activities d ue to Brexit and the COVID -19 pandemic. 
The UK was the 2nd favourite destination for Korean investors in the European region and the 
3rd largest invest or in Korea among European countries. Active investment activities  had been seen  
between the two countrie s and in 2021  Korea 's investment in UK had amounted to USD 24.6 billion 
and the UK 's investment in Korea to USD 20.2 billion on a cumulative basis. Such vibrant investment 
between the two had contributed a lot to economic growth and job creation in both co untries.  
1.7.  In the spirit of continuity, the Agreement had replicate d the provisions of the Korea -EU 
Agreement which had been  described in the factual presentation of the Korea -EU Agreement, mutatis 
mutandis.  Korea and the UK had established a free trade area in goods, services, establishment and WT/REG431/M/1  
 
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  associated rules and had committed to maintain the same timeline for tariff reductions as the 
Korea -EU Agreement .  
1.8.  The representative of  the Republic of  Korea  thank ed all the Members for t heir participation in 
the session and the Secretariat for its hard work.  
1.9.  The representative of the United Kingdom  recalled that the  Agreement had successfully entered 
into force on 1 January 2021 following the end of the transition period  of the UK's membe rship of 
the European Union . It had replicate d, to the extent possible, the provisions in the EU -Korea FTA 
which  had entered into force on 1 July 2011.  
1.10.  The Agreement was at the centre of the UK's  trading relationship with the Republic of Korea, 
one of its closest partners in the Indo -Pacific. In 2021, total trade between the UK and Korea was 
GBP14.6bn, making Korea the UK's  21st largest trade partner. Such sizeable value of trade was 
thanks to the robust, comprehensive agreement which was being  review ed. 
1.11.  The Agreement reflect ed the terms of the EU -Korea FTA as far as possible, including the 
establishment of institutional arrangem ents between the UK and Korea based on existing structures. 
This include d the overarching Trade Committee, which had held  its inaugural meeting in London in 
February 2022.  
1.12.  As a guiding principle, wherever the time bound commitments in the Agreement  relate d to 
liberalising market access, the Parties had  agreed to 'inherit the clock ' thus ensuring that continuity 
had been  maintained in the new bilateral agreement. As such, the provision relating to staging for 
goods liberalisation had a start date of 2011 and  stated that final liberalisation would  be completed 
by 2031.  
1.13.  The Agreement  also commit ted the UK and Korea to subsequent negotiations to build upon 
the existing liberalisation of the Agreement. While there were provisions to update rules of origin 
and inv estment under these negotiations, it was also a valuable opportunity to explore new potential 
topics which had not been included in the EU -Korea Agreement. These could include important areas 
such as digital trade and SMEs. The UK welcome d the prospect of further deepening its links with 
Korea.  
1.14.  This comprehensive agreement had been  the start, not the end, of the UK's  bilateral trading 
relationship with Korea. The UK look ed forward to making the most of the opportunities it 
represent ed. The representative of  the United Kingdom was  pleased that the Parties had been  able 
to complete this important exercise in transparency.  She thanked  the WTO Secretariat for the work 
and preparation for the meeting  and Members who had joined the discussion .  
1.15.  The Chairman  opened the floor to Members for their comments.  
1.16.  The representative of the European Union  took due note of the Agreement and of the de tails 
that had been presented. She stated that the objective had been  of course to ensure the continuity 
of the EU -Korea Agreement in a bilateral context. It had also  been very interesting to listen to the 
Parties talking about development s that would  or could be foreseen within th e Agreement. She 
thanked both the United Kingdom and Korea for having duly contributed to th e transparency 
exercise.  
1.17.  The representative of Canada  thanked the Parties for their efforts to bring th e transparency 
process to a fruitful conclusion for their regional trade agreement.  
1.18.  The representative of Japan  thanked the Parties for their comprehensive and informative 
presentations. He also thanked the  Secretariat for its efforts in preparing the factual presentation 
and wished the Parties success in the implementation of their agreement. Japan belie ved that they 
would further strengthen the multilateral trading system.   
1.19.  The Chairman  noted that the cons ideration of the Free Trade Agreement between the United 
Kingdom and the Republic of Korea  had allowed the Committee to clarify a number of questions and 
conclude oral discussion of the RTA in accordance with paragraph 11 of the Transparency 
Mechanism. Any  delegations wishing to ask follow -up questions were invited to forward submissions 
in writing to the Secretariat by 29 September  2022 and the Parties were asked to submit replies in 
writing by no later than 13 October  2022. In accordance with paragraph 13 of the Transparency WT/REG431/M/1  
 
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  Mechanism all written submissions, as well as the minutes of the meeting would be circulated 
promptly, in al l WTO official languages, and made available on the WTO website.  
1.20.  The Committee took note  of the comments made.  
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