On 9th December 2022 – the UK and South Korea started trade talks to negotiate a new trade agreement. The current trade agreement between both countries is worth an estimated £14.3 billion and it is expected the new deal will be a “more modern and fit-for-purpose deal” which will meet the specific needs of UK businesses.
The current agreement in place between the United Kingdom and South Korea is based on the EU-South Korea deal which was negotiated by the European Union and 2011 and formed the basis of this deal which came into force in January 2021. The new deal is expected to include areas such as digital trade, climate provisions, additional support for smaller businesses and a liberalisation on the trade of services to help increase growth in a sector which is already worth £1.4 billion in 2021.
For 8 weeks, businesses, organisations, and individuals are invited to provide input and feedback in order to help shape the agreement and highlight the priorities for UK stakeholders. This consultation is open until 2nd February and the UK government wants to know:
what you think about our current trading arrangements with South Korea
where we could make changes or improvements
where you are facing challenges or constraints when attempting to trade or invest in South Korea
The consultation is welcomed by the British Chambers of Commerce’s Head of Trade Policy, William Bain who “hopes for a constructive and close working relationship with the UK and South Korean Governments as the next steps on our bilateral trading relationship are taken”. The full statement can be found here.
If you would like to share your input, you can do so on the consultation page here or alternatively, feel free to share your feedback with our international trade team at exportbritain@gmchamber.co.uk.