International Trade Secretary, is in South Korea this week to
turbo charge talks on our future trading relationship after the
UK leaves the EU - with or without a deal. As the 5th and 11th
biggest economies in the world, he will also discuss with British
businesses how the UK can boost its exports to South Korea,
following the recent publication of the UK’s Export Strategy.
Dr Fox is meeting with government and businesses in Seoul where
he will progress plans to ensure continuity and stability for
businesses.
He is meeting with his counterpart, Trade Minister Kim
Hyun-chong, to outline the UK’s commitment to maintaining a
strong trading relationship and trade continuity for British and
South Korean firms after we leave the EU.
As part of this ambition, the Secretary of State will sign a
Memorandum of Understanding with the Korean Trade-Investment
Promotion Agency (KOTRA), reaffirming our ongoing partnership and
committing to working closely together on mutually beneficial
business opportunities.
The Ministers will also discuss how to break down non-tariff
barriers to trade, which could help to further boost our exports.
Dr Fox is also meeting with Deputy Prime Minister and Finance
Minister Mr Kim Dong Yeon, as well as with businesses including
Hanwha, LG and Samsung.
Speaking ahead of the visit, the International Trade Secretary
said:
“The Asia-Pacific region will be a major engine of global
growth in the 21st century and strengthening our established
trading relationship with South Korea is high on our agenda.
“I am delighted to continue discussions with Minister Kim
Hyun-chong and Deputy Prime Minister Kim Dong Yeon and I want to
see British and South Korean firms continue to trade as we do now
after we leave the European Union.
“The UK and South Korea are some of the best places to do
business in the world. Trade between our two countries is growing
rapidly and will grow stronger in the coming months and years.”
Total trade between the UK and South Korea was worth £13.3bn last
year, up by 15.2% on 2016, and British firms exported more to
South Korea than to India.
The World Bank has rated the UK the seventh easiest country to do
business in in the world and South Korea has been rated
fourth.
South Korea is one of more than 70 countries, party to more than
40 trade agreements, currently in discussions with the Department
for International Trade to achieve continuity of our trading
arrangements after we leave the EU.
The government of South Korea has already expressed its desire to
continue these arrangements, providing certainty and stability
for businesses and consumers.
