South Korea, UK discuss bilateral economic cooperation

Seoul, Aug 14: South Korea’s Industry Minister Ahn Duk-geun has discussed ways to develop bilateral economic cooperation with his British counterpart, officials said on Wednesday.

Ahn Duk-Geun held a virtual meeting with his British counterpart, Jonathan Reynolds, to discuss various economy-related agendas, including improving the bilateral free trade agreement, Yonhap news agency reported, citing South Korea’s Ministry of Trade, Industry and Energy.

“South Korea and Britain are partners that share key values, such as free democracy and the market system, and have maintained solid economic cooperation,” Ahn said during the meeting.

Ahn added that Seoul and London have been able to develop economic ties through active investment and technological cooperation between the two countries’ businesses, especially in cutting-edge industries.

“Amid ongoing geopolitical uncertainties, such as the war between Russia and Ukraine, economic security is increasingly becoming a critical issue,” Ahn noted, emphasising that cooperation with a reliable partner like the UK has become more important than ever.

The South Korean minister also expressed the hope to faithfully implement follow-up measures from the Downing Street Accord, signed during President Yoon Suk Yeol’s visit to the European nation in November 2023, and to continue developing their comprehensive relationship.