{"id":120627,"date":"2023-11-21T11:20:00","date_gmt":"2023-11-21T11:20:00","guid":{"rendered":"https:\/\/blogcamlodipine.com\/?p=120627"},"modified":"2023-11-21T11:20:00","modified_gmt":"2023-11-21T11:20:00","slug":"brexit-britain-handed-21bn-win-with-major-new-investment","status":"publish","type":"post","link":"https:\/\/blogcamlodipine.com\/politics\/brexit-britain-handed-21bn-win-with-major-new-investment\/","title":{"rendered":"Brexit Britain handed \u00a321bn win with major new investment"},"content":{"rendered":"

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Britain and South Korea<\/span> are set to sign a major \u00a321billion trade, defence and technology deal.<\/p>\n

The Downing Street Accord follows similar agreements with Singapore and Japan, coming as the UK seeks to bolster influence in the Indo-Pacific.<\/p>\n

It comes as President Yoon Suk Yeol arrives in the UK for a three-day state visit.<\/p>\n

It is expected that Prime Minister Rishi Sunak<\/span> and Mr Yoon will formally sign the agreement in Downing Street on Wednesday (November 22).<\/p>\n

Ahead of the visit, Mr Sunak pointed to the \u00a321bn in investments which South Korean businesses will commit to the UK.<\/p>\n

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Trade and investment are expected to be the focus of the trip, with Trade Secretary Kemi Badenoch set to launch new negotiations on an upgraded free trade agreement.<\/p>\n

The UK secured a free trade deal with South Korea in 2019, with the agreement largely aimed at keeping trade flowing post-Brexit and removing uncertainty.<\/p>\n

Mr Sunak said: “Long term, global partnerships are vital to our prosperity and security, both today and in the future.<\/p>\n

“As two nations focused on innovation, harnessing new technologies and defending the international rules-based order, the UK and Republic of Korea are natural partners.<\/p>\n

“Through our new Downing Street Accord, we will drive investment, boost trade and build a friendship that not only supports global stability, but protects our interests and lasts the test of time.”<\/p>\n

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The PM added: “These close ties have already propelled \u00a321billion of investment between our countries.<\/p>\n

“I know a free trade agreement fit for the future will only drive further investment, delivering on my promise to grow the economy and support highly-skilled jobs.”<\/p>\n

The Downing Street Accord will see British and Korean militaries agree to step up joint training and operations, with the Asian state expected to agree to join with British ships on sanctions patrols.<\/p>\n

No.10 said it will also see the two countries work closer together on technology such as artificial intelligence<\/span> (AI), semi-conductors and quantum.<\/p>\n

Science ministers will also sign a memorandum of understanding to boost space co-operation while South Korea will host next year\u2019s AI summit after the first UK-backed gathering in Bletchley Park earlier this month.<\/p>\n