Deal With South Korea To Bring £500 Million To UK Economy
27 March 2012 09:30am - Jack Stupple

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Deal With South Korea To Bring £500 Million To UK Economy

The UK has agreed a trade deal with South Korea which could bring £500 million pounds a year into the British economy. A Free Trade Agreement has been approved between the EU and South Korea includes agreements on safety testing, customs duties, intellectual property and services. Bilateral trade between the two countries is already about £6.5 billion, while Britain is Korea’s second largest European trading partner after Germany.

Nick Clegg made the announcement while attending a nuclear summit in Seoul and he said the agreement could create £2 billion of new export opportunities for UK businesses. Clegg said, “UK and Korean companies will be able to form alliances on multi-billion pound projects across the world.” He added that the deal, “marks a new and even stronger era for trade between the UK and South Korea, and will mean more jobs in the UK and a significant boost to our economy.”

The South Korean National Pension Service (NPS), the fourth largest fund in to world, worth $320 billion also announced that it is opening a base in London. The Government hope that this will provide a major boost to investment in Britain. The NPS have already invested more than £1 billion in the UK over the last two years and has stakes in Gatwick Airport, HSBC’s Canary Wharf headquarters and many other property developments. Clegg said that this is “fantastic news,” and that it had the potential to bring considerable investment to the UK.