UK, S Korea enhanced trade deal following bumper year of trade

The United Kingdom and South Korea plan to start talks on an enhanced trade deal later this year, the UK government recently said. Trade between both sides totalled £13.3 billion in the year to September 2021—up by 11 per cent over the 2020 figure. In particular, UK exports to the latter have seen strong growth, increasing by 12 per cent in the same year.

UK international trade secretary Anne-Marie Trevelyan recently hosted the inaugural UK-South Korea FTA Committee in London and meet her counterpart, Yeo Han-koo, to discuss increased trade and collaboration in key areas such as digital, the environment and supporting small business.

Following the global chip shortage and other supply chain issues caused by the pandemic, they also signed an agreement to strengthen supply chain resilience. As one of the UK’s biggest trading partner for critical goods, the agreement will help ensure the continued smooth flow of key supplies between our two countries, an official release said.

The United Kingdom and South Korea plan to start talks on an enhanced trade deal later this year, the UK government recently said. Trade between both sides totalled £13.3 billion in the year to September 2021—up by 11 per cent over the 2020 figure. In particular, UK exports to the latter have seen strong growth, increasing by 12 per cent in the same year.

Fibre2Fashion News Desk (DS)