Scotland’s £500 million export trade with South Korea has been underpinned by a new free trade deal between the UK and the government in Seoul.
The deal, announced by Trade Minister Chris Bryant and his Korean counterpart Minister Yeo Han-koo at Samsung KX in London earlier today, is the fourth the UK government has agreed this year following agreements with India, the EU and the US.
It follows high-level talks between the UK and South Korean government last week.
South Korea’s fast-growing import market, which is expected to grow by 26% by 2035 and is expected to boost UK services exports by £400 million with new, improved access secured to South Korea’s expanding financial market.
Vital automotive and pharmaceutical industries have also been protected and global supply chains secured.
Scottish salmon exports to South Korea rose more than tenfold from £214,000 in 2015 to £2.25 million in 2019 before trade was hit by the global pandemic.
With export levels in 2024 of £366,000, the new trade deal is expected to help Scottish salmon farmers capitalise on the recent boom in the Asian market.
Tavish Scott, chief executive of Salmon Scotland, said: “This deal will increase support in accessing the market and provide the opportunity for our exporters to deliver fish in pristine condition, with confidence, to consumers in South Korea.
“South Korea represents an important market within Asia where Scottish salmon has seen significant growth in recent years.”
Scottish Secretary Douglas Alexander said: “From our iconic Scottish products like salmon and whisky to our textiles production, green energy, advanced manufacturing, life sciences and financial services, Scotland has so much to offer South Korea thanks to this deal securing permanent tariff free access to a growing market.”
Prime Minister Sir Keir Starmer said: “From food to TV, music and more, Korean culture is already influential here in the UK.”
Trade Minister Chris Bryant added: “Korean culture has taken off in the UK, with millions of Brits already binge watching great Korean TV like Squid Game and streaming K-pop artists like Blackpink – but this trade deal will take our relationship to the next level, with hundreds of millions of pounds and vast opportunities unlocked for businesses.”
The deal will also:
- Secure continued and permanent tariff-free access across 98% of tariff lines – the same terms the EU has with South Korea.
- Create opportunities for British businesses of all sizes which stand to benefit from South Korea’s growing import market, forecast to grow by 26%by 2035.
- Update rules of origin which will simplify tariff-free access and will open doors for greater diversification across supply chains for sectors such as automotive and pharmaceuticals.
- Strengthen UK access to South Korea’s expanding financial market – building on £1.1 billion in financial and insurance exports in 2024.
- Help smaller businesses, which make up over 99% of UK businesses, by streamlining custom processes and reducing non-tariff barriers.
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