UK and South Korea Secure Tariff-Free Trade Deal in Major Post-Brexit Boost

According to the agreement, 98% of trade will continue to be tariff-free, the same terms that the EU has with South Korea, and which the UK maintained temporarily after Brexit. This deal is the fourth such agreement struck by the Labour government, following deals with the EU, US, and India. However, none of these agreements have had a material impact on the UK's economy so far. The deal is expected to benefit companies such as GlaxoSmithKline, which has a significant presence in the UK's pharmaceutical sector, and Jaguar Land Rover, which has a major manufacturing plant in the UK. The agreement also includes provisions for the financial services sector, which is expected to benefit from increased access to the South Korean market. Trade minister Chris Bryant said, "This deal is a significant step forward for our trade relationship with South Korea and will bring benefits to businesses and workers across the UK. We are committed to building on this success and continuing to strengthen our trade ties with key partners around the world." Yeo Han-koo, his Korean counterpart, added, "We are pleased to have reached this agreement, which reflects our shared commitment to free and fair trade. We look forward to working together to promote economic growth and prosperity in both our countries." South Korean culture, including music, cosmetics, and food, has become increasingly popular in the UK in recent years, with the country's K-pop phenomenon and Korean beauty products gaining a significant following. The trade deal is expected to increase access to these products and services in the UK market. The deal is seen as a significant achievement for the Labour government, which has faced criticism for its handling of trade policy. However, some experts have questioned the impact of the deal, citing the lack of detail on how it will benefit the UK economy. The UK government has estimated that the deal will bring in an additional £3.5 billion in trade with South Korea, with the potential to create up to 10,000 new jobs. However, these figures are based on projections and have yet to be confirmed. The deal is expected to come into effect in the coming months, pending ratification by both countries. The UK government has stated that it will work closely with businesses and stakeholders to ensure a smooth implementation of the agreement.