By Diplomacy Journal Lee Kap-soo

Minister for Trade Yeo Han-koo met with the UK’s Minister of State at the Department for Business and Trade Douglas Alexander in Seoul on September 1. The two sides exchanged views on industrial and trade policy directions in the current global trade environment and discussed ways to expand bilateral cooperation.

The UK is Korea’s 25th-largest trading partner, with bilateral trade totaling $11.2 billion in 2024. Since the Korea-UK Free Trade Agreement (FTA) entered into force in January 2011, trade between the two countries has remained strong.

The UK is also one of Korea’s major investment partners, ranking 3rd among European countries in cumulative investment in Korea as of 2024. Active investment and technological partnerships between companies from both countries serve as the foundation for bilateral cooperation.

During the meeting, Trade Minister Yeo confirmed active industrial and trade cooperation between the two countries, citing ongoing Korea-UK FTA upgrade negotiations and supply chain dialogues.

He emphasized the importance of building on shared values, such as liberal democracy and the market economy, to sustain a strong economic partnership. Furthermore, he expressed hope that the UK’s industrial and trade strategies announced in June would further strengthen bilateral ties.

Regarding the introduction of the UK Carbon Border Adjustment Mechanism, Trade Minister Yeo highlighted the need for sufficient preparation time and measures to ease burdens on businesses. He also requested the UK government to support Korean companies in adapting to recently strengthened steel safeguard measures and the Electric Car Grant system.