International Trade Secretary Anne-Marie Trevelyan today (7 February) hosted the inaugural UK-South Korea FTA Committee in London and meet her Korean counterpart, Yeo Han-koo, to discuss increased trade and collaboration in key areas such as digital, the environment and supporting small business. Both sides will aim to start talks on an enhanced trade deal later this year.
Trade between the UK and South Korea totalled £13.3 billion in the year to September 2021 – up 11 percent on 2020. In particular, UK exports to South Korea have seen strong growth, increasing by 12 per cent in the same year.
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.
To read the full article from the Department for International Trade, please click here.