The Vice Minister of the Republic of Korea (ROK) Ministry of Foreign Affairs, Lee Dohoon, and the United Kingdom (UK) Minister of State for the Indo-Pacific, Anne-Marie Trevelyan, held the inaugural UK-ROK Senior Economic Dialogue in Seoul on 12 May 2023.
The two Ministers reviewed key areas of bilateral and international economic collaboration between the United Kingdom and the Republic of Korea noting their shared values and interests, and their desire for increased cooperation.
The UK and Republic of Korea reaffirmed their strong commitment to using their voices to uphold and promote the rules-based international economic system, including free and open trade, and to advance new global trade rules that are fit for the 21st century.
Both countries agreed to cooperate to enhance economic security, strengthen the resilience of critical supply chains and to coordinate efforts to address future challenges and build prosperity.
The UK and Republic of Korea reiterated the importance of supporting climate-vulnerable and developing countries to obtain access to the funds they need to build climate resilience.
They welcomed the signing of the Letter of Intent for the Strategic Development Partnership, with the aim to deepen bilateral development cooperation in the Indo-Pacific region.
The two Ministers discussed the UK’s International Technology Strategy and Republic of Korea’s recent policy on critical and emerging technologies such as AI, quantum, and biotechnology.
They shared the view that the two countries could coordinate more closely on critical and emerging technology policy.
The two Ministers agreed to provide their support for the conclusion of the United Kingdom-Republic of Korea Digital Partnership, which is currently under discussion.
They also expressed their hope for the successful operation of intergovernmental channels, including the Republic of Korea-UK Joint Committee Meeting on Science and Technology Cooperation, to further enhance bilateral cooperation in the future.
The ROK and the UK agreed to hold regular Senior Economic Dialogues with Ministers from the Republic of Korea Ministry of Foreign Affairs and UK’s Foreign, Commonwealth and Development Office.
These dialogues will be preceded by inter-sessional meetings at director-general level, to explore substantive cooperation and review their implementations.
Sources: THX News, Foreign Commonwealth and Development Office & The Rt Hon Anne-Marie Trevelyan MP