UK and South Korea sign new trade deal aimed at cars, salmon and Guinness
AI Summary
The UK and South Korea have signed a new trade deal, replacing a previous post-Brexit arrangement, aimed at boosting exports in key sectors like automotive, food & drink, and services. The agreement, announced in London by trade ministers from both countries, is projected to add £400 million annually to the UK economy. A key feature is the reduction of the required UK/EU content in cars for zero tariffs, lowered from 55% to 25%, allowing for more flexibility in sourcing components. The deal also opens opportunities for UK companies to bid on South Korean public procurement contracts and expands digital trade possibilities. Businesses like Jaguar Land Rover, Bentley Motors, and Diageo (Guinness) have welcomed the agreement, citing benefits for exports and market access.
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This article was automatically classified using rule-based analysis. The political bias score ranges from -1 (far left) to +1 (far right).
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