The UK is pushing ahead with its mission to deliver or improve trade agreements after its departure from the EU.
It has been boosted with a deal with South Korea, consultation on a new trade agreement with Israel, and an agreement with the United States to begin talks on removing former President Donald Trump’s import taxes on British steel and aluminium.
The UK and South Korea this week (7 February) signed an agreement to reinforce pandemic-damaged supply lines for key products like semiconductors, an area crucial to the production of cars.
South Korea is the world’s second-biggest producer of semiconductors.
Trade minister Anne-Marie Trevelyan hosted the UK-Korea Trade Committee to begin work on an improved trade deal, with formal negotiations expected later this year.
Trade between the UK and South Korea totalled £13.3 billion in the year to September 2021. That figure is up by 11 per cent on 2020, with UK exports to South Korea seeing strong growth, increasing by 12 per cent in the same year.
Ms Trevelyan said: “This is our Indo-Pacific tilt in action – strengthening ties with one of the largest economies in the world.
“From offshore wind to hydrogen, 2021 saw many examples of the growing collaboration between our two nations – particularly on clean growth.”
On the Israeli talks, the Government will launch an eight-week consultation to seek the views of business and the public, ahead of negotiations starting later this year to update the existing agreement which largely replicates the EU-Israel FTA.
The UK is Israel’s third-largest trading partner, with £2.7 billion worth of British exports going there in 2020 and an overall trade relationship worth £4.8 billion.
Last year, Israeli investment into the UK was worth over £200 million and secured hundreds of jobs across the UK.
On the US steel talks, Ms Trevelyan said they would be working toward a swift deal that ensures the viability of the steel and aluminium industries in both countries and also “strengthens their democratic alliance.”
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