Trade Agreements: South Korea

Department for International Trade written question – answered on 20th September 2017.

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Photo of Stephen Gethins Stephen Gethins Shadow SNP Spokesperson (International Affairs and Europe)

To ask the Secretary of State for International Trade, if he will make an assessment of the potential economic effect of transferring the terms of the EU-South Korea trade deal to the UK after the UK leaves the EU without renegotiating those terms.

Photo of Greg Hands Greg Hands Minister of State (Department for International Trade) (and Minister for London)

Total trade between the UK and South Korea in goods and services has increased to approximately £11bn in 2015, from £6bn in 2010 when the EU-Korea Free Trade Agreement was signed. The UK Government is committed to seeking continuity in its current trade and investment relationships, including those covered by EU free trade agreements or other EU preferential arrangements.

Sources

Data has been extracted from the latest release of the ONS Pink Book 2016, available here: https://www.ons.gov.uk/releases/unitedkingdombalanceofpaymentsthepinkbook2016

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