US EditionUK-South Korea Trade Deal: Bentleys and Scottish Salmon to Benefit
The agreement preserves tariff-free access on 98% of trade and protects £2 billion of UK exports, supporting diverse industries and aiming to reduce non-tariff barriers.
- A new deal preserving 98% tariff-free access for UK–South Korea trade was announced Monday by Trade minister Chris Bryant and South Korean trade minister Yeo Han-koo in London, safeguarding 2 billion of UK exports.
- Long ago, Britain secured a continuity agreement with South Korea before its departure from the EU in 2020, but that deal was set to expire on January 1, prompting urgent talks.
- British industries including pharmaceuticals, car manufacturing, alcohol and financial services stand to benefit, while major firms Bentley Motors, Jaguar Land Rover and Diageo welcomed the deal.
- The government says the deal will create thousands of jobs and bring billions into the British economy, with Trade minister Chris Bryant saying it offers `cast-iron protections to our key industries to speed up economic growth as part of our Plan for Change`.
- The independent Office for Budget Responsibility has judged recent deals unlikely to impact the UK economy by 2030, while official UK trade figures show UK exports to South Korea fell 16.4%.
20 Articles
20 Articles
UK, South Korea Seal Upgraded Trade Deal to Lock in Tariff-Free Access, Boost Service Exports
The UK and South Korea on Dec. 15 finalized an upgraded free trade agreement aimed at locking in tariff-free access for most goods and expanding digital and services trade. The agreement was announced in London by UK Trade Minister Chris Bryant and South Korean Trade Minister Yeo Han-koo, after six formal rounds of negotiations and five ministerial-level trade meetings. It updates a continuity deal first signed in 2021 to prevent trade disruptio…
Expectations for strengthened cooperation in Europe, including the UK, are rising.
Free trade agreement between UK and South Korea to boost exports
The UK and South Korea have signed a free trade agreement designed to boost exports, sustain employment, and foster economic growth.The post Free trade agreement between UK and South Korea to boost exports appeared first on Investment Monitor.
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