The UK and South Korea are to launch talks on a new trade deal and sign a diplomatic accord as part of Korean President Yoon Suk Yeol’s state visit.
Business and Trade Secretary Kemi Badenoch will begin negotiations with her Korean counterpart Bang Moon Kyu at the UK-Korea Business Forum at Mansion House on Wednesday.
They will also announce £21 billion of investments committed by Korean businesses in green energy and infrastructure projects across the UK.
The UK secured a free trade deal with South Korea in 2019, with the agreement largely aimed at keeping trade flowing post-Brexit and removing uncertainty.
The UK hopes to secure modern digital provisions in a new deal because most of its services exports to Korea are delivered digitally.
Ms Badenoch said: “The Government is upgrading our trade deal with South Korea to ensure that our trading relationship plays to the UK’s strengths as an advanced, high-tech economy.
“This 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.”
Mr Yoon begins his state visit on Tuesday with a welcome from the King and Queen.
He will hold a bilateral meeting with Prime Minister Rishi Sunak and sign the new long-term agreement covering defence and technology co-operation in Downing Street on Wednesday.
The Downing Street Accord follows similar agreements with Singapore and Japan, coming as the UK seeks to consolidate influence in the Indo-Pacific.
Mr Sunak said: “Long term, global partnerships are vital to our prosperity and security, both today and in the future. As two nations focused on innovation, harnessing new technologies and defending the international rules-based order, the UK and Republic of Korea are natural partners.
“Through 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.
“These close ties have already propelled £21 billion of investment between our countries.
“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.”
The Downing Street Accord will see British and Korean militaries agree to step up joint training and operations, with the Asian state expected to agree to join British ships on sanctions patrols.
Downing Street said it will also see the countries work closer together on technology such as artificial intelligence, semi-conductors and quantum.
Science ministers will also sign a memorandum of understanding to boost space co-operation.
South Korea will host next year’s AI summit after the first UK-backed gathering in Bletchley Park earlier this month.
The UK visit coincides with the 140th anniversary of diplomatic relations between the UK and Korea, as well as the 70th anniversary of the armistice of the Korean war.
