Trade Agreements: South Korea
The question
To ask the Secretary of State for Business and Trade, what steps he is taking to monitor use of investment dispute resolution mechanisms under the UK–Republic of Korea Free Trade Agreement.
Answered by Chris Bryant
The investment provisions in the UK-Republic of Korea FTA, including a modernised and transparent ISDS mechanism, will protect investors in both markets, ensuring fair, adequate and non-discriminatory treatment for both UK businesses investing in Korea and Korean businesses investing in the UK. This enhances the certainty investors need to make investments, which is crucial for economic growth. We have concluded negotiations but have yet to reach signature, let alone ratification. Once the agreement enters into force, DBT will, in line with standard practice, monitor the utilisation of the FTA by businesses.
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