UK and South Korea strike trade deal
Summary
The UK and South Korea have completed a trade deal expected to boost the UK economy and job market. Most goods and services will continue to be traded without tariffs, similar to the existing arrangements that the UK had with South Korea after Brexit. This agreement protects UK exports from future tariff increases and aims to strengthen economic ties.Key Facts
- The trade deal between the UK and South Korea will keep 98% of trade tariff-free.
- UK industries like pharmaceuticals, car manufacturing, alcohol, and financial services stand to benefit.
- This is the fourth trade deal for the current UK Labour government, following agreements with the EU, US, and India.
- The new agreement extends trade terms that were set to expire in January 2026.
- The trade deal is expected to protect £2 billion of UK exports.
- South Korea is currently the UK's 25th largest trading partner, making up 0.8% of the UK’s total trade.
- UK exports to South Korea and South Korean exports to the UK both fell by over 10% in a recent 12-month period.
- Prime Minister Keir Starmer and UK Trade Minister Chris Bryant praised the deal for its economic benefits.
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