International Trade Secretary Liam Fox strikes new trade deals with South Korea leading to post-Brexit jobs and exports boost
The International Trade Secretary expects it to open up lucrative new markets for UK goods once Britain leaves the EU next year
BRITAIN has struck new trade links with South Korea which will lead to a post-Brexit jobs and exports bonanza.
A string of deals are expected to flow from the first major deal secured by International Trade Secretary Liam Fox.
He expects it to open up lucrative new markets for UK goods once we leave the EU.
A new UK-Korea trade working group will meet every three months to explore future business opportunities with booming country.
Britain exported £4.7billion worth of goods to South Korea last year – with Burberry, Bentley, and Jaguar Land Rover among the biggest sellers.
The two will also work together on renewable energy and nuclear decommissioning.
Dr Fox said: “We want to take advantage of all the opportunities available to ensure that Britain becomes a global leader in free trade.
“We’re putting in place plans to ensure the UK remains open for business and trade links continue to strengthen.”
The new group was finalised during a visit to Seoul by Chancellor Philip Hammond last Friday.
Ministers believe Britain can cash in on South Korea’s stratospheric growth from one of the world’s poorest countries 50 years ago to the 11th largest economy.
The two countries agreed to collaborated on a range of ventures, including a new offshore tower manufacturing facility in Campbeltown, Argyll.
Korean-owner CS Wind will invest in the multi-million pound project, which will safeguard 70 jobs.
UK export successes such as the increase in exports of British beer and hi-tech components and machinery to South Korea has already contributed to the growth in trade of goods and experts since 2011.
There is also a strong defence relationship, building on the £240 million contract to supply eight maritime helicopters to the Korean Navy, won by UK company Augusta Westland.
Dr Fox added: “We want to take advantage of all the opportunities available to us to ensure that Britain becomes a global leader in free trade.
“The agreement of this latest trade dialogue shows that the government is preparing for Brexit, not prevaricating.”