UK set to sign enhanced trade deal with South Korea following “bumper year of trade”

The UK is set to sign an enhanced trade deal with South Korea following a “bumper year of trade”.

International Trade Secretary Anne-Marie Trevelyan said the new agreement would increase collaboration and cut red tape in areas such as digital, clean energy, and starting up a business.

According to the latest statistics, trade between the UK and South Korea totalled £13.3 billion in the year to September 2021 – up 11 per cent compared to 2020. It comes after a surge in popularity of Korean consumer products, such as electronics, and cultural exports, such as K-pop and the Netflix hit Squid Game.

During the same period, UK exports to South Korea – a top 10 economy – increased by 12 per cent as sales of British cars, whisky and crude oil grew. The UK has also become a “top destination” for South Korea green investment.

But the new enhanced trade deal – described as the first UK agreement of its kind with an Asia-Pacific partner – will offer British businesses even more export and investment opportunities.

Commenting on the plans, International Trade Secretary Anne-Marie Trevelyan said: “This is our Indo-Pacific tilt in action – strengthening ties with one of the largest economies in the world.

“From offshore wind to hydrogen, 2021 saw many examples of the growing collaboration between our two nations – particularly on clean growth.

“I’m excited to build on our existing trade agreement, going even further in areas like technology and services.”

Gerard Grech, CEO of Tech Nation, added: “There is high demand in South Korea for cutting-edge technologies – especially those in which the UK is world-leading. Building an even stronger trading relationship with South Korea will further connect our thriving innovation ecosystems.”

For help and advice with related matters, please get in touch with our international trade team today.

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