The UK has kicked off preparations to negotiate an enhanced Free Trade Agreement with South Korea by launching a call for input asking businesses, organisations, and individuals to help shape the UK’s negotiating aims ahead of talks. Made in Britain is pleased to help extend that call to member companies.
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 new deal aims to upgrade the UK's trading agreement with South Korea, which builds on the existing £14.3 billion trading relationship and meets the specific needs of the UK. This will include important areas such as further support for small and medium-sized businesses.
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.
Korean companies such as SeAH Wind Ltd are investing in the UK. SeAH has recently announced an investment of over £400 million in a monopile foundation manufacturing facility creating up to 750 jobs by 2030.
South Korea is the 10th largest economy in the world and a top-three global producer of vital goods such as semiconductors and ships. In an increasingly unstable world, boosting trade with a like-minded democracy, and trusted ally will improve our security and resilience.
Access the consultation survey here. The deadline for input is 2 February 2023. Download more information and documents here.