The UK and South Korea are to launch talks on a brand new trade deal and signal a diplomatic accord as a part of Korean President Yoon Suk Yeol’s state visit.
Enterprise and Trade Secretary Kemi Badenoch will start negotiations together with her Korean counterpart Bang Moon Kyu on the UK-Korea Enterprise Discussion board at Mansion Home on Wednesday.
They can even announce £21 billion of investments dedicated by Korean companies in inexperienced vitality and infrastructure initiatives throughout the UK.
The UK secured a free trade take care of South Korea in 2019, with the settlement largely geared toward conserving trade flowing post-Brexit and eradicating uncertainty.
The UK hopes to safe trendy digital provisions in a brand new deal as a result of most of its companies exports to Korea are delivered digitally.
Ms Badenoch mentioned: “The Authorities is upgrading our trade take care of South Korea to be certain that our buying and selling relationship performs to the UK’s strengths as a sophisticated, high-tech financial system.
“This refreshed, modernised deal will enhance our world-leading companies sector whereas additionally creating new alternatives for UK exports reminiscent of in our world-leading meals and luxurious items sectors.”
Mr Yoon started his state visit on Tuesday with a welcome from the King and Queen.
He’ll maintain a bilateral assembly with Prime Minister Rishi Sunak and signal the brand new long-term settlement overlaying defence and know-how co-operation in Downing Avenue on Wednesday.
The Downing Avenue Accord follows comparable agreements with Singapore and Japan, coming because the UK seeks to consolidate affect within the Indo-Pacific.
It is going to embrace a defence settlement that may enhance the British and Korean militaries’ co-operation on countering smuggling within the East China Sea which North Korea depends on to evade sanctions.
Defence Secretary Grant Shapps mentioned: “The UK is main the best way in supporting our Korean pals in countering North Korea’s aggressive posturing and making certain the protection and safety of the Indo-Pacific.
“Deepening the ties between the Royal Navy and Republic of Korea Navy, our bilateral defence relationship has by no means been stronger.”
International Secretary Lord David Cameron mentioned: “This settlement – signed 70 years after the Korean Battle Armistice – is a very distinctive step within the strengthening of our work to safe the safety of the Korean Peninsula and the area. We’re proud, as a everlasting member of the UN Safety Council, to be on the forefront of worldwide sanctions enforcement exercise.
“This incudes upholding worldwide commitments to curtail North Korea’s unlawful weapons programmes.”
A brand new clear vitality partnership can even be signed, bolstering collaboration on low-carbon applied sciences, civil nuclear, and insurance policies to sort out local weather change.
Downing Avenue mentioned the accord can even see the nations work nearer collectively on know-how reminiscent of synthetic intelligence, semi-conductors and quantum.
Science ministers can even signal a memorandum of understanding to enhance house co-operation.
South Korea will host subsequent yr’s AI summit after the primary UK-backed gathering in Bletchley Park earlier this month.
The UK visit coincides with the one hundred and fortieth anniversary of diplomatic relations between the UK and Korea, in addition to the seventieth anniversary of the armistice of the Korean conflict.