The UK has agreed a Free Trade Agreement (FTA) with South Korea which ensures the continuation of free trade post-Brexit.
Discussions formally came to a close as the International Trade Secretary DR Liam Fox signed a joint statement with the Korean Minister of Trade, Yoo Myung-Hee.
Trade between the two countries was worth £14.6 billion in 2018, with the figure increasing by an average of 11 per cent per year since the EU’s FTA with South Korea came into effect in 2011.
The agreement will see businesses exporting to Korea on preferential terms, with 99 per cent of British exports to Korea in 2018 eligible to be exported tariff-free.
Dr Liam Fox MP, International Trade Secretary, said: “The value of trade between the UK and Korea has more than doubled since the EU-Korea agreement was applied in 2011.
“Providing continuity in our trading relationship will allow businesses in the UK and Korea to keep trading without any additional barriers, which will help us further increase trade in the years ahead.”
Demand for British goods has increased in South Korea in recent years, with exports increasing by an average of 18 per cent each year since 2011. Exports of British cars increased by one-third in 2018, bringing the total exports for cars to Korea to £943 million last year.
The UK has agreed trade continuity deals with 12 countries. When the trade deal with South Korea is signed, the UK will have secured trade agreements that account for 63 per cent of total trade currently covered by EU agreements.
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