Britain, South Korea to launch talks on new free trade deal

South Korean President Yoon Suk Yeol will is currently in the UK to begin negotiations on a new Free Trade Agreement, as both he and British Prime Minister Rishi Sunak try to burnish their international credentials ahead of respective general elections.

Britain rolled out the red carpet for South Korea’s president at the start of a state visit on Tuesday which is intended to deepen diplomatic and business ties between the two countries.

President Yoon Suk Yeol arrived in London for a three-day visit commemorating 140 years of diplomatic ties between Britain and South Korea.

Yoon, a conservative who has called for deeper ties with allies in response to a “poly-crisis” of global issues, was scheduled to speak to members of both houses of parliament prior to a state banquet held in his honor.

Report says he will hold talks with British Prime Minister Rishi Sunak today, Wednesday, and sign an accord on closer diplomatic ties.

However, under the accord, the countries will agree to work closely on areas such as semiconductors of which South Korea is an important producer and artificial intelligence.

The Downing Street Accord will also strengthen Britain and South Korea’s joint ability to enforce UN sanctions against North Korea to prevent the development of its nuclear weapons programmes, using sea patrols to prevent smuggling.

Britain said South Korean businesses would invest 21 billion pounds in British renewable energy and infrastructure projects, and announced a clean energy partnership to work together on the transition to green power.

Britain said it hoped a new trade deal would pave the way for increased digital trade and streamline complex procedures, and have a new rules of origin chapter.