UK has started preparations for negotiating an enhanced free trade agreement (FTA) with South Korea by launching an 8-week consultation from businesses, organisations, and individuals to help shape the UK’s negotiating aims ahead of talks. The enhanced FTA will ensure a fit-for-purpose deal that builds on the UK’s existing £14.3 billion trading relationship and meets the specific needs of the UK.

The new agreement is expected to include dedicated help for smaller businesses, and provisions for investment and digital trade, which will support economic growth and jobs, UK’s department of international trade said in a press release.

The UK is already a top destination for South Korean green investment and could become an even more attractive country to do business in under a new deal.

South Korea and the UK have already signed an agreement to strengthen supply chain resilience confronting global shortages.

The agreement will help to ensure the smooth flow of key supplies between the two countries, which will support businesses and public services to avoid supply shortages.

“South Korea is a growing market for top-quality British products and services and forms a key part of the UK’s renewed focus on the Indo-Pacific region, securing stronger ties with economies of the future. The opportunities presented by increasing our trade with South Korea are significant, not least in digitally delivered trade, which accounted for 79 per cent of UK services exports to South Korea in 2020,” said minister for trade policy, Greg Hands.

Fibre2Fashion News Desk (DP)

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