Kemi Badenoch has opened talks for a significant new commerce take care of Asian financial powerhouse South Korea.
It comes as South Korean politicians have additionally revealed their resolution to hitch the rising Complete and Progressive Trans Pacific Partnership (CPTPP) commerce bloc was impressed by Britain becoming a member of.
South Korean Senator Choi Seung Jae advised Categorical.co.uk on the GTNF commerce convention in Seoul that Brexit has supplied each international locations with an thrilling alternative.
He mentioned: “I consider relations between Britain and South Korea have at all times been robust.
“However (with Brexit) now there is a chance for us to construct not simply enterprise hyperlinks but additionally cultural ties with Britain in lots of areas.”
Be part of our free WhatsApp group for the most recent politics information
A UK Authorities supply mentioned work is now underway to improve the free commerce settlement (FTA) which was rolled over from Britain’s EU membership.
The supply mentioned: “We need to improve our FTA and we’ve consulted companies on their priorities.
“We wish ahead to launch negotiations ASAP this yr.
“Our present deal was a rollover from the EU, upgrading the FTA might enhance financial alternatives throughout issues like digital commerce, providers, assist to SMEs.”
Following the worldwide chip scarcity and different provide chain points attributable to COVID-19 the UK and South Korea just lately signed an settlement to strengthen provide chain resilience.
The settlement and ministerial dialogue will assist maintain the circulation of key merchandise between UK-South Korea easy.
The supply near Ms Badenoch added: “The UK needs to see CPTPP develop and is happy different international locations (like South Korea) see our utility as a supply of inspiration.”
The brand new deal would construct on commerce between the 2 international locations value £17.1billion within the yr as much as March 31 2023.
This included £9.4billion in exports from the UK.
South Korea, which has one of many extra dynamic economies in Asia with progress of two.9 p.c regardless of the worldwide financial downturn, is the UK’s 23rd largest buying and selling associate.
However with 1.6 p.c of the South Korean market, there’s a perception that the UK has a chance to broaden its share considerably.
At present, Britain’s high 5 exports to South Korea are crude oil, vehicles, pharmaceutical merchandise, mechanical mills and clothes.
South Korea sells Britain vehicles, ships, refined oil and telecoms.
Tory Windsor MP Adam Afriye, who was additionally on the convention, advised the Sunday Categorical that alternatives introduced by international locations like South Korea have been what Brexit was about.
He mentioned: “I’ve at all times believed in international Britain and I’ve at all times had confidence in the UK.
“We have at all times had a historical past of connections across the globe and I feel that in our interval within the European Union, we virtually closed their eyes to the remainder of the world.
“We relied on the bureaucrats within the EU for a few of our nice commerce offers, that by no means actually materialised.”
He branded the EU a “protectionist racket”.
He went on: “We’re in a fantastic place now and the South Korean economic system is dynamic, it is excessive tech, and is enviable in some ways.
“So, to that it is precisely the kind of nation that the UK must be forging buying and selling relationships with and fortunately, in the event that they’re becoming a member of CPTPP, then we’re in the identical boat, and all going through in the appropriate route.
“The stronger the connections with South Korea, the higher for my part.”
He added that he agreed with the South Korean senator on cultural ties in addition to commerce.
“Lots of it is not simply the worth of the commerce between the nations but additionally the diplomatic connections will enhance as nicely, with these buying and selling connections.
“I feel as a nation, we will maintain our heads excessive once more, we’re searching reload.
“We’re connecting to the remainder of the world. We’re growing our commerce attain, while the EU is contracting decade on decade.
“A stronger relationship bodes nicely, each for the UK but additionally truly for South Korea as nicely.
“One factor I noticed strolling across the streets of Seoul is that it is a very tidy and orderly place.
“It is very conservative with a small c, and I feel there is a pure connection between our peoples.
“The earlier we forge these buying and selling connections then these diplomatic connections will get higher too.”