Mon, 15 Dec 2025

Mon, 15 Dec 2025 UK and South Korea strike trade deal

UK pharmaceuticals, car manufacturing and financial services are expected to benefit.

* The UK and South Korea have finalised a trade deal, with 98% of trade remaining tariff-free.
* The agreement is expected to create thousands of jobs and bring billions into the British economy.
* Industries such as pharmaceuticals, car manufacturing, alcohol, and financial services will benefit from the extension of tariff-free trade.
* The deal will protect £2bn of UK exports from an increase in tariffs, with a new agreement set to replace the current one in January 2026.
* Prime Minister Keir Starmer described the deal as "a huge win for British business".
* Trade minister Chris Bryant said the deal would give "cast-iron protections" to key industries and speed up economic growth.
* UK-South Korea trade has declined over the past year, with UK exports falling 16.4% and South Korean exports falling 10.8%.
* The agreement aims to reduce non-tariff barriers and create new digital and investment protections for both countries.
* Industry leaders have welcomed the deal, including Bentley Motors, Jaguar Land Rover, and Diageo, which owns Guinness.
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