{"id":183836,"date":"2023-11-21T00:19:06","date_gmt":"2023-11-21T00:19:06","guid":{"rendered":"https:\/\/precoinnews.com\/?p=183836"},"modified":"2023-11-21T00:19:06","modified_gmt":"2023-11-21T00:19:06","slug":"kemi-badenoch-to-fire-starting-gun-on-new-16bn-south-korean-trade-deal","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/politics\/kemi-badenoch-to-fire-starting-gun-on-new-16bn-south-korean-trade-deal\/","title":{"rendered":"Kemi Badenoch to fire starting gun on new \u00a316bn South Korean trade deal"},"content":{"rendered":"<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/cdn.images.express.co.uk\/img\/dynamic\/139\/590x\/secondary\/Kemi-South-Korea-deal-5076177.jpg?r=1700511783377\"><\/p>\n<p>The government says the \u201cupgraded\u201d tie-up will boost the existing \u00a3 16 billion\u2013a\u2013year trade between Britain and the South-East Asian powerhouse.<\/p>\n<p>It comes after Rishi Sunak and his Korean counterpart agreed a new accord that will see \u00a321 billion of business investment into the UK.<\/p>\n<p>The investment in renewable energy and infrastructure projects will support more than 1500 highly skilled jobs across the UK.<\/p>\n<p>News that trade talks are set to get underway caps a blockbuster November for Ms Badenoch who has already signed a massive trade deal with Florida &#8211; which has a GDP of \u00a31.1 trillion.<\/p>\n<p>A mega free trade agreement with India is also on the horizon, while Britain earlier this year joined the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) Indo-Pacific trade bloc in the biggest post-Brexit deal to date.<\/p>\n<p>South Korea is the 13th largest economy in the world and its import demand is set to grow rapidly.<\/p>\n<p>Trade talks with Turkey will also begin shortly.<\/p>\n<p>With around 45 million middle-class consumers and an import market expected to grow by 45 per cent by 2035, the market presents massive opportunities for UK companies.<\/p>\n<p>The UK and South Korea are both major modern economies with big digital sectors and the current trade deal, negotiated more than a decade ago, doesn\u2019t include digital chapters that reflect the modern economy.<\/p>\n<p>With nearly 80 per cent of UK services exports to Korea delivered digitally in 2021, securing modern digital provisions could unlock big opportunities for UK businesses.<\/p>\n<p>The UK\u2019s trade with South Korea has more than doubled in current prices since our existing trade deal was agreed in 2011.<\/p>\n<p>An upgraded trade deal is expected to boost our \u00a316 billion annual trading relationship with South Korea, supporting jobs and livelihoods up and down the UK.<\/p>\n<p>Speaking ahead of the launch, Business and Trade Secretary Ms Badenoch said: \u201cThe government is upgrading our trade deal with South Korea to ensure that our trading relationship plays to the UK\u2019s strengths as an advanced, high-tech economy.<\/p>\n<p>\u201cThis refreshed, modernised deal will boost our world-leading services sector, while also creating new opportunities for UK exports such as in our world-leading food and luxury goods sectors.\u201d<\/p>\n<p>Foreign direct investment from Korea stood at just \u00a31.9 billion in 2021.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/cdn.images.express.co.uk\/img\/dynamic\/139\/590x\/secondary\/South-Korean-President-California-5076200.jpg?r=1700511783436\"><\/p>\n<ul>\n<li> <svg width=\"24\" height=\"24\" viewbox=\"0 0 24 24\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"> <g clip-path=\"url(#clip0_1078_5986)\"> <\/path> <\/path> <\/g> <defs> <clippath> <rect width=\"23.4329\" height=\"23.4329\" fill=\"white\" transform=\"translate(0 0.134262)\"><\/rect> <\/clippath> <\/defs> <\/svg> Support fearless journalism<\/li>\n<li> <svg width=\"24\" height=\"24\" viewbox=\"0 0 24 24\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"> <g clip-path=\"url(#clip0_1078_5986)\"> <\/path> <\/path> <\/g> <defs> <clippath> <rect width=\"23.4329\" height=\"23.4329\" fill=\"white\" transform=\"translate(0 0.134262)\"><\/rect> <\/clippath> <\/defs> <\/svg> Read The Daily Express online, advert free<\/li>\n<li> <svg width=\"24\" height=\"24\" viewbox=\"0 0 24 24\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"> <g clip-path=\"url(#clip0_1078_5986)\"> <\/path> <\/path> <\/g> <defs> <clippath> <rect width=\"23.4329\" height=\"23.4329\" fill=\"white\" transform=\"translate(0 0.134262)\"><\/rect> <\/clippath> <\/defs> <\/svg> Get super-fast page loading<\/li>\n<\/ul>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/cdn.images.express.co.uk\/img\/logo\/logo-premium-subscription.png\"><\/p>\n<p>The new investment includes \u00a39.7 billion to fund UK renewables, green infrastructure and waste management projects.<\/p>\n<p>Another \u00a32 billion by Shinhan Financial Group will drive investment into renewable energy and infrastructure projects across the UK.<\/p>\n<p>Food and drink company SPC will invest \u00a3150 million in food and drink to establish 200 caf\u00e9s across the UK, creating 400 jobs.<\/p>\n<p>The new business investment tie-up was announced as South Korean President President Yoon Suk Yeol arrives in the UK for a state visit today.<\/p>\n<p>The Downing Street Accord follows the signing of similar partnerships with Singapore and Japan earlier this year.<\/p>\n<p>Prime Minister Rishi Sunak said: \u201cLong-term, global partnerships are vital to our prosperity and security, both today and in the future.<\/p>\n<p>\u201cAs two nations focussed on innovation, harnessing new technologies and defending the international rules-based order, the UK and the Republic of Korea are natural partners.<\/p>\n<p>\u201cThrough our new Downing Street Accord, we will drive investment, boost trade and build a friendship that not only supports global stability, but protects our interests and lasts the test of time.<\/p>\n<p>\u201cThese close ties have already propelled \u00a321 billion of investment between our countries, and I know a Free Trade Agreement fit for the future will only drive further investment, delivering on my promise to grow the economy and support highly skilled jobs.\u201d<\/p>\n<p>The future-focussed Accord also includes agreements to work closer together to harness the potential of critical technologies like AI, quantum and semiconductors to create jobs and unlock economic growth.<\/p>\n<p>Source: <a href=\"https:\/\/www.express.co.uk\/news\/politics\/1837139\/Kemi-Badenoch-south-korean-brexit-deal\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The government says the \u201cupgraded\u201d tie-up will<\/p>\n","protected":false},"author":3,"featured_media":183835,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23055],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Kemi Badenoch to fire starting gun on new \u00a316bn South Korean trade deal - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/politics\/kemi-badenoch-to-fire-starting-gun-on-new-16bn-south-korean-trade-deal\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kemi Badenoch to fire starting gun on new \u00a316bn South Korean trade deal - Pre Coin News\" \/>\n<meta property=\"og:description\" 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