Government says arrangement will bring in extra £400m on top of more than £15bn of existing annual trade with Korea
The UK has signed a new trade deal with South Korea designed to increase exports of cars, Scottish salmon and Guinness canned in Britain.
Keir Starmer described the deal, which replaces an existing agreement, as “a huge win for British business and working people”. It follows UK deals with India and the US, and the free trade agreement with the EU clinched this year.
Existing trade between the UK and South Korea is worth more than £15bn a year under a 2019 post-Brexit arrangement. The new deal covers the exports of services, automotive, pharmaceutical and food and drink, and would bring an extra £400m a year to the British economy, the UK government said.
Significantly, the deal also lowers the threshold on the quantity of parts in a car that must be British or from the EU to qualify for zero tariffs from January.
