The government claims that the trade agreement between the UK and South Korea will boost the British economy by billions of dollars and generate thousands of jobs. An extension of the current tariff-free trade on the majority of products and services is anticipated to benefit British businesses, including medicines, automobile manufacture, alcohol, and financial services.
After agreements with the US, India, and the EU, the Labour government has now reached four such agreements, none of which have had a significant effect on the UK economy to far. In recent years, South Korean culture—including music, cosmetics, and cuisine—has grown significantly in popularity in the UK.
On Monday night, trade minister Chris Bryant and his Korean counterpart Yeo Han-koo made the announcement at Samsung’s flagship store in London. 98% of commerce will remain tariff-free under the agreement, which is similar to what the EU has with South Korea and what the UK temporarily maintained following Brexit. The new arrangement will shield £2 billion worth of UK exports from rising tariffs; the previous agreement between the UK and South Korea was scheduled to expire in January 2026.
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