The UK and South Korea have finalized a modernized free trade agreement, securing tariff-free access to 98 percent of goods traded between the two economies and aiming to support exports and jobs across the UK.
The agreement is expected to preserve tariff-free access worth approximately £2 billion in goods exports and provide a £400 million uplift to the UK's services sector.
UK trade minister Chris Bryant described the deal as a significant advancement in the two countries' economic relationship, highlighting enhanced access for automotive, pharmaceutical and food-and-drink exports. Iconic UK brands such as Bentley and Guinness, along with Scottish salmon producers, are among those positioned to benefit from continued preferential treatment in one of Asia's key markets.
"The upgraded Korea-UK FTA will strengthen the free-market system in a trade environment with heightened uncertainty. In particular, it will be an opportunity to enhance economic cooperation ties with the UK, a key partner in Europe," South Korean trade minister Yeo Han-koo said.
The agreement also includes modern provisions on digital trade and updated rules of origin designed to simplify supply chains and broaden eligibility for tariff-free treatment.
This deal marks another milestone in Britain's post-Brexit trade strategy, coming after recent agreements with India, the US and the EU. The agreement is expected to help safeguard and grow export opportunities for UK businesses while deepening economic ties with one of the world's largest high-tech markets.