November 21, 2023
Reacting to news of plans for a fresh trade deal with South Korea, William Bain, BCC Head of Trade Policy, said:
“An improved trade deal with South Korea would be very welcome. It could deliver for the UK’s food and drink sector, manufacturing companies and services providers, as well as locking in record inward investment into the UK.
“South Korea is a vital export market for our Chamber Network, but also a key source of semi-conductors for the UK manufacturing sector, as well as many everyday consumer goods - such as cars, electrical goods and electronics.
“The BCC has been at the forefront of campaigns to expand and simplify digital trade for services as well as goods. Building on the ideas in our Trade Manifesto, these negotiations can create a new bespoke agreement which fires up online trade and e-commerce between our countries.
“We have clear interests to defend too. This includes continuing flexibility for manufacturing exports, preferential tariff treatment in the South Korean market, and trading terms for data flows and intellectual property.
“But we enter this process with hope and optimism. If Government works closely with business, throughout these negotiations, we can produce the best trading terms for economic growth with a key partner. This would benefit small, medium and large firms, across the UK.”
You can find more information on the state visit by South Korea's President Yoon Suk Yeol with the Prime Minister, the new Free Trade Agreement and the Downing Street Accord here.