"The UK and South Korea have finalised a trade deal which the government says will create thousands of jobs and bring billions into the British economy. British industries including pharmaceuticals, car manufacturing, alcohol and financial services are expected to benefit from an extension to the current tariff-free trade on most goods and services. The deal is the fourth such agreement struck by the Labour government, following deals with the EU, US and India none of which have had a material impact on the UK's economy so far."
"Under the deal, 98% of trade will continue to be tariff free, the same terms that the EU has with South Korea, and which the UK maintained temporarily after Brexit. The UK's agreement with South Korea was set to expire in January 2026, but the new agreement will protect 2bn of UK exports from an increase in tariffs. Prime Minister Keir Starmer said the deal was "a huge win for British business"."
The UK and South Korea finalised a trade deal extending tariff-free trade on most goods and services and preserving 98% of bilateral trade from tariffs. The agreement keeps the same terms that the EU has with South Korea, which the UK temporarily maintained after Brexit. Trade minister Chris Bryant and South Korea's Yeo Han-koo announced the deal in Samsung's London flagship. Key UK sectors expected to benefit include pharmaceuticals, car manufacturing, alcohol and financial services. The deal is set to protect 2bn of UK exports and aims to support jobs and economic growth. South Korea is the UK's 25th largest trading partner, accounting for 0.8% of total trade; recent figures show UK exports to South Korea fell 16.4% and imports fell 10.8%.
Read at www.bbc.com
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