{"id":120607,"date":"2023-11-21T00:19:14","date_gmt":"2023-11-21T00:19:14","guid":{"rendered":"https:\/\/blogcamlodipine.com\/?p=120607"},"modified":"2023-11-21T00:19:14","modified_gmt":"2023-11-21T00:19:14","slug":"kemi-badenoch-to-fire-starting-gun-on-new-16bn-south-korean-trade-deal","status":"publish","type":"post","link":"https:\/\/blogcamlodipine.com\/politics\/kemi-badenoch-to-fire-starting-gun-on-new-16bn-south-korean-trade-deal\/","title":{"rendered":"Kemi Badenoch to fire starting gun on new \u00a316bn South Korean trade deal"},"content":{"rendered":"

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The government says the \u201cupgraded\u201d tie-up will boost the existing \u00a3 16 billion\u2013a\u2013year trade between Britain and the South-East Asian powerhouse.<\/p>\n

It comes after Rishi Sunak and his Korean counterpart agreed a new accord that will see \u00a321 billion of business investment into the UK.<\/p>\n

The investment in renewable energy and infrastructure projects will support more than 1500 highly skilled jobs across the UK.<\/p>\n

News that trade talks are set to get underway caps a blockbuster November for Ms Badenoch who has already signed a massive trade deal with Florida – which has a GDP of \u00a31.1 trillion.<\/p>\n

A mega free trade agreement with India is also on the horizon, while Britain earlier this year joined the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) Indo-Pacific trade bloc in the biggest post-Brexit deal to date.<\/p>\n

South Korea is the 13th largest economy in the world and its import demand is set to grow rapidly.<\/p>\n

Trade talks with Turkey will also begin shortly.<\/p>\n

With around 45 million middle-class consumers and an import market expected to grow by 45 per cent by 2035, the market presents massive opportunities for UK companies.<\/p>\n

The UK and South Korea are both major modern economies with big digital sectors and the current trade deal, negotiated more than a decade ago, doesn\u2019t include digital chapters that reflect the modern economy.<\/p>\n

With nearly 80 per cent of UK services exports to Korea delivered digitally in 2021, securing modern digital provisions could unlock big opportunities for UK businesses.<\/p>\n

The UK\u2019s trade with South Korea has more than doubled in current prices since our existing trade deal was agreed in 2011.<\/p>\n

An upgraded trade deal is expected to boost our \u00a316 billion annual trading relationship with South Korea, supporting jobs and livelihoods up and down the UK.<\/p>\n

Speaking ahead of the launch, Business and Trade Secretary Ms Badenoch said: \u201cThe government is upgrading our trade deal with South Korea to ensure that our trading relationship plays to the UK\u2019s strengths as an advanced, high-tech economy.<\/p>\n

\u201cThis refreshed, modernised deal will boost our world-leading services sector, while also creating new opportunities for UK exports such as in our world-leading food and luxury goods sectors.\u201d<\/p>\n

Foreign direct investment from Korea stood at just \u00a31.9 billion in 2021.<\/p>\n

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