The pandemic has disrupted supply chains globally for a wide range of goods traded at an international level. To reduce the impact of the pandemic and fortify the supply chain of key trade items between them, Britain and South Korea are to sign a deal. Britain’s trade minister Anne-Marie Trevelyan and South Korean trade minister Yeo Han-Koo will be signing the agreement in London.
The agreement is a part of the bigger game plan for strengthening trade deal between the two nations, now that Britain has made an exit from the European Union. Formal trade negotiations will be an agenda under meetings scheduled towards the end of this year.
This is our Indo-Pacific tilt in action – strengthening ties with one of the largest economies in the world”Anne-Marie Trevelyan
Currently, the pandemic induced disruptions have driven up the manufacturing costs world-wide, including those in Britain, leading to an inflation rate higher than that in the last 30 years. An example of the same is Britain’s auto manufacturing industry that has come to a staggering setback due to the semiconductor shortage and inflation in its costs.
Trade between Britain and South Korea was worth 13.3 billion pounds ($18 billion) in the year to September 2021 & both countries are seeking to join a trans-Pacific trade pact. Leaving the EU has given Britain the power to strike bilateral trade deals, and ministers see South Korea and its wealthy middle classes as an important potential market for premium British goods, from folding bikes to pottery and Scotch whisky.