{"id":2204339,"date":"2024-03-20T08:00:12","date_gmt":"2024-03-19T23:00:12","guid":{"rendered":"https:\/\/koreapro.org\/?p=2204339"},"modified":"2024-03-19T15:21:42","modified_gmt":"2024-03-19T06:21:42","slug":"south-korea-seeks-trade-gains-with-uk-lithuania-amid-global-tensions","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2024\/03\/south-korea-seeks-trade-gains-with-uk-lithuania-amid-global-tensions\/","title":{"rendered":"South Korea seeks trade gains with UK, Lithuania amid global tensions"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">South Korea and the U.K. launched the <\/span><a href=\"https:\/\/www.motie.go.kr\/kor\/article\/ATCL3f49a5a8c\/168780\/view?mno=&amp;pageIndex=1&amp;rowPageC=0&amp;displayAuthor=&amp;searchCategory=0&amp;schClear=on&amp;startDtD=&amp;endDtD=&amp;searchCondition=1&amp;searchKeyword=\"><span style=\"font-weight: 400;\">second round of negotiations<\/span><\/a><span style=\"font-weight: 400;\"> to improve their bilateral free trade agreement (FTA) in London from March 19 to 22. The talks, involving about 50 representatives from both sides, aim to strengthen cooperation in services, digital, SMEs and good regulatory practices while discussing the introduction of new trade norms. The upgraded FTA is expected to boost South Korean exports and investments, promote collaboration in areas like gender and clean energy and enhance supply chain stability.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Concurrently, South Korea\u2019s deputy trade minister Yang Byeong-nae and Lithuania\u2019s vice foreign minister Egidijus Meilunas <\/span><a href=\"https:\/\/www.motie.go.kr\/kor\/article\/ATCL3f49a5a8c\/168781\/view?mno=&amp;pageIndex=1&amp;rowPageC=0&amp;displayAuthor=&amp;searchCategory=0&amp;schClear=on&amp;startDtD=&amp;endDtD=&amp;searchCondition=1&amp;searchKeyword=\"><span style=\"font-weight: 400;\">met in Seoul<\/span><\/a><span style=\"font-weight: 400;\"> on March 19 to explore expanding bilateral trade, investment and economic cooperation. They agreed to focus on advanced industries, particularly R&amp;D collaboration in the laser and biohealth sectors, and signed a memorandum of understanding (MOU) on industrial technology cooperation between their respective agencies.<\/span><\/p>\n<p><b>Why It Matters<\/b><\/p>\n<p><span style=\"font-weight: 400;\">South Korea\u2019s meetings with the U.K. and Lithuania highlight its efforts to diversify its trade partnerships amid intensifying competition between the U.S. and China. Having left the EU, the U.K. seeks to redefine its trade relationships, while South Korea aims to maintain its export competitiveness in Europe. However, negotiations will likely be challenging as both nations must navigate <\/span><a href=\"https:\/\/koreapro.org\/2022\/11\/the-network-fee-fiasco-that-could-cripple-south-koreas-internet-forever\/\"><span style=\"font-weight: 400;\">domestic political pressures<\/span><\/a><span style=\"font-weight: 400;\"> and potential conflicts with existing trade agreements.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Expanding bilateral trade and economic cooperation between Seoul and Vilnius could be beneficial, given Lithuania\u2019s expertise in niche sectors, which may help South Korea counter China\u2019s growing regional assertiveness and <\/span><a href=\"https:\/\/koreapro.org\/2023\/10\/seoul-grapples-with-beijings-graphite-export-control-battery-industry-at-risk\/\"><span style=\"font-weight: 400;\">supply chain dominance<\/span><\/a><span style=\"font-weight: 400;\">. However, Beijing may view this relationship with unease. Lithuania, driven by its \u201cvalues-led\u201d foreign policy, allowed Taiwan to open a <\/span><a href=\"https:\/\/urm.lt\/default\/en\/news\/taiwan-to-open-its-representative-office-in-lithuania\"><span style=\"font-weight: 400;\">de facto embassy in Vilnius<\/span><\/a><span style=\"font-weight: 400;\"> in 2021, which drew a <\/span><a href=\"https:\/\/apnews.com\/article\/europe-business-health-china-coronavirus-pandemic-1a689c07bfa34ab638c9b57f3235fe3e\"><span style=\"font-weight: 400;\">fierce response<\/span><\/a><span style=\"font-weight: 400;\"> from China. Given President Yoon Suk-yeol\u2019s <\/span><a href=\"https:\/\/koreapro.org\/2022\/09\/yoon-stands-up-for-universal-norms-but-fails-to-explain-how-hell-defend-them\/\"><span style=\"font-weight: 400;\">previous remarks<\/span><\/a><span style=\"font-weight: 400;\"> about his administration\u2019s values-based foreign policy, Beijing could interpret South Korea\u2019s economic cooperation with Lithuania as a further sign of the ROK\u2019s alignment with Washington.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Further, it is unclear if such narrow bilateral relationships with Lithuania will significantly boost South Korea\u2019s economic resilience, given the Baltic nation\u2019s limited influence on global trade.<\/span><\/p>\n<div class=\"content-tags\"><a href=\"https:\/\/koreapro.org\/tag\/business-economy\/\"><span class=\"tag\">Business &amp; Economy<\/span><\/a><a href=\"https:\/\/koreapro.org\/tag\/inter-korean-foreign-relations\/\"><span class=\"tag\">Inter-Korean &amp; Foreign Relations<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"<p>South Korea and the U.K. launched the second round of negotiations to improve their bilateral free trade agreement (FTA) in London from March 19 to 22. The talks, involving about 50 representatives from both sides, aim to strengthen cooperation in services, digital, SMEs and good regulatory practices while discussing the introduction of new trade norms. [&hellip;]<\/p>\n","protected":false},"author":10407,"featured_media":2204341,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[24,28],"class_list":["post-2204339","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-briefings","tag-business-economy","tag-inter-korean-foreign-relations"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>South Korea seeks trade gains with UK, Lithuania amid global tensions - KOREA PRO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/koreapro.org\/2024\/03\/south-korea-seeks-trade-gains-with-uk-lithuania-amid-global-tensions\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"South Korea seeks trade gains with UK, Lithuania amid global tensions - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"South Korea and the U.K. launched the second round of negotiations to improve their bilateral free trade agreement (FTA) in London from March 19 to 22. The talks, involving about 50 representatives from both sides, aim to strengthen cooperation in services, digital, SMEs and good regulatory practices while discussing the introduction of new trade norms. 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