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How does the new trade agreement differ from the previous one?
The new UK-South Korea trade deal builds on the previous agreement by expanding digital trade and services, while maintaining tariff-free access on 98% of goods. It also offers stronger protections for key industries like automotive and consumer goods, ensuring smoother trade flow and reducing barriers that could impact UK exports.
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What opportunities does this open for UK companies?
This deal creates new opportunities for UK businesses to expand into South Korea’s market, especially in sectors like automotive, consumer goods, and digital services. It also helps UK brands like Guinness and Bentley to strengthen their presence, while safeguarding £2 billion worth of exports. Overall, it makes trading with South Korea more accessible and less costly.
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Which sectors benefit most from the deal?
Key sectors benefiting include automotive, consumer goods, digital services, and food and beverages. The agreement’s focus on digital trade and services is particularly advantageous for tech companies and service providers looking to access South Korea’s growing digital economy.
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Will this impact UK’s trade with other countries?
While the deal specifically targets UK-South Korea trade, it reflects a broader strategy to diversify UK trade partnerships post-Brexit. Strengthening ties with South Korea could encourage similar agreements with other countries, potentially influencing UK trade policies and relationships worldwide.
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How does this deal protect UK exports?
The agreement safeguards £2 billion worth of UK exports by maintaining tariff-free access and reducing trade barriers. It also provides protections for key industries, ensuring that UK companies can continue to export goods like automotive parts and consumer products without facing new tariffs or restrictions.
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What does this mean for UK consumers and workers?
For consumers, the deal could mean more imported goods at competitive prices and access to a wider range of products. For workers, especially in sectors like automotive and manufacturing, it offers stability and growth opportunities, supporting jobs and economic growth in the UK.