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27 Nov 2023

UK and South Korea talks focus on new trade deal with £21 billion of investment

UK and South Korea talks focus on new trade deal with £21 billion of investment
UK Government
  • UK and South Korea to launch negotiations on an upgraded, modern free trade agreement to boost trade between the two countries 
  • South Korea is the 13th biggest economy in the world and its import demand is set to rapidly grow, driving further demand for first-rate UK goods and services 
  • UK and South Korea to also announce record £21 billion of Korean investment in green energy and infrastructure projects across the UK, creating more than 1,500 highly skilled jobs 

Business and Trade Secretary Kemi Badenoch will tomorrow [22 November] launch talks on a modernised trade deal with South Korea to boost trade and strengthen our relationship with a key ally. 

It comes as Korean businesses commit £21 billion of investment into the UK, backing renewable energy and infrastructure projects across the country and supporting more than 1500 highly skilled jobs. 

South Korea is the 13th largest economy in the world and its import demand is set to grow rapidly. With around 45 million middle class consumers and an import market expected to grow by 45% by 2035, it presents massive opportunities for UK companies. 

The UK and South Korea are both major modern economies with big digital sectors and the current trade deal, negotiated more than a decade ago, doesn’t include digital chapters that reflect the modern economy.  

With nearly 80% of UK services exports to Korea delivered digitally in 2021, securing modern digital provisions could unlock big opportunities for UK businesses. 

The UK’s trade with South Korea has more than doubled in current prices since our existing trade deal was agreed in 2011. An upgraded trade deal is expected to boost our £16 billion annual trading relationship with South Korea, supporting jobs and livelihoods up and down the UK. 

 

Read here.

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