South Korea and Britain to Discuss Trade Issues Amid Global Changes
Top trade officials from South Korea and Britain will meet in Seoul to discuss pressing trade issues, including Britain's new subsidy scheme for electric vehicles (EVs) and its steel safeguard measures. The meeting comes as both countries navigate recent shifts in the global trade environment. The discussion will focus on expanding bilateral economic cooperation and addressing concerns from Korean companies.
Key Takeaways:
- Korean Trade Minister Yeo Han-koo will meet with British counterpart Douglas Alexander to discuss trade issues and bilateral economic cooperation.
- Yeo plans to address Korean companies' concerns over Britain's tougher trade caps on steel imports, including those from South Korea, which took effect in July.
- Yeo will call for British government support for Korean companies under the planned imposition of the Carbon Border Adjustment Mechanism in 2027.
- The two countries have been holding talks to improve their bilateral free trade agreement (FTA), which took effect in 2011.
- South Korea and Britain traded $11.21 billion worth of goods in 2024, with Britain becoming the third-largest European investor in Seoul.
- The FTA aims to bolster economic cooperation between the two countries, particularly in supply chains.
Statistics:
- $11.21 billion: Bilateral trade between South Korea and Britain in 2024.
- 2011: Year the bilateral free trade agreement (FTA) between South Korea and Britain took effect.
- 2027: Year the Carbon Border Adjustment Mechanism is planned to be imposed.
- July: Month when Britain's tougher trade caps on steel imports took effect.
Sources:
- Yonhap News Agency (01 September 2025)
- Ministry of Trade, Industry and Energy, South Korea