The UK’s International Trade Office said in a press release that the new deal is expected to include dedicated support for small businesses and provisions for investment and digital trade to support economic growth and jobs.
The UK will begin preparations for negotiations on an enhanced free trade agreement (FTA) with South Korea, and will invite eight weeks from businesses, organizations and individuals to help shape the UK’s negotiating objectives ahead of negotiations. started negotiations. The enhanced FTA will ensure fit-for-purpose deals that build on the UK’s existing £14.3bn trade relationship.
The UK is already South Korea’s top green investment destination and could become an even more attractive country to do business under the new deal.
South Korea and the UK have already signed an agreement to strengthen the resilience of their supply chains in the face of global shortages.
The agreement will help ensure the smooth flow of major supplies between the two countries, supporting businesses and public services to avoid supply shortages.
“South Korea is a growing market for the UK’s highest quality products and services and forms an important part of the UK’s new focus on the Indo-Pacific region, ensuring stronger ties with the future economy. The opportunities presented by increasing trade in UK are particularly significant in digitally delivered trade, which accounted for 79% of UK services exports to South Korea in 2020.” Minister for Trade Policy Greg Hands.
Fiber2Fashion News Desk (DP)
