UK finalizes upgraded trade deal with South Korea

Britain has finalized an enhanced free trade deal with South Korea after two years of talks, modernizing the post-Brexit relationship and securing long-term, tariff-free access on 98% of tariff lines covering about £2 billion in UK exports. The agreement aims to boost the services sector by £400 million and advance cooperation in digital trade.

Trade Minister Chris Bryant said the deal cements Britain's role as a digital trade leader and protects key industries. It follows other UK trade moves this year, including a pact with India and talks to reduce U.S. tariffs, as London builds its network outside the EU, with Gulf country talks also nearing conclusion.

The pact benefits the automotive, drinks, and pharmaceutical sectors with continued low tariffs and simplifies "rules of origin" for supply chains. It also strengthens financial services access and legitimizes e-contracts. South Korean Trade Minister Yeo Han-koo said the agreement strengthens the free-market system amid global uncertainty and offers a chance to build deeper economic ties.

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Source: REUTERS