On 5th November the Government announced that UK negotiators had flown to Seoul to meet their South Korean counterparts to restart talks on an updated and modern trade deal.
Almost 7,000 UK Businesses already export goods to Korea however, due to the current Free Trade Agreement being negotiated over a decade ago, there is hope that a modernised agreement can help businesses to further capitalise on this long-standing trading relationship. For example, the current trade agreement does not include a chapter on digital trade and there are opportunities to explore the acceptance of digitalised customs procedures and simplify the current Rules of Origin.
The digital sector alone is a “huge driver” for UK growth and was worth £158.3 bn to the UK economy in 2022. The UK is currently the world’s 2nd largest exporter of services with a total of £467.7 bn exported in 2023.
Jonathan Reynolds, the Business & Trade Secretary said:
"Trade deals with partners like South Korea mean UK businesses will have more opportunities to sell their excellent goods and services around the world. I'm pleased that negotiators are now able to get back to this important work, helping us build a stronger economy."
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