Seoul: South Korea and Britain have initiated intersessional negotiations aimed at upgrading their bilateral free trade agreement (FTA) as they seek to enhance economic ties in the face of global trade uncertainties, the trade ministry of Seoul announced.

According to Yonhap News Agency, the discussions, which started on Monday and will run through Friday in London, are focused on modernizing the Korea-Britain FTA that came into effect in 2021. The Ministry of Trade, Industry and Energy stated that this week's meeting aims to make progress in seven sectors, including service and investment.

The bilateral FTA was signed in 2019, and since 2024, five rounds of negotiations have been held to upgrade the agreement. These efforts are primarily concentrated on introducing new trade rules in areas like supply chains and digital trade. Kwon Hye-jin, director general for FTA negotiations at the ministry, emphasized the strategic partnership between South Korea and Britain, highlighting their shared core values such as a rules-based free trade system.

Kwon Hye-jin further noted that with more than a year and a half elapsed since the initial round of negotiations, there is a concerted effort to expedite the talks. The goal is to reach a forward-looking agreement that addresses emerging economic issues, including digital trade and supply chain resilience.