Kemi Badenoch has opened talks for a major new trade deal with Asian economic powerhouse South Korea.
It comes as South Korean politicians have also revealed their decision to join the growing Comprehensive and Progressive Trans Pacific Partnership (CPTPP) trade bloc was inspired by Britain joining.
South Korean Senator Choi Seung Jae told Express.co.uk at the GTNF trade conference in Seoul that Brexit has provided both countries with an exciting opportunity.
He said: “I believe relations between Britain and South Korea have always been strong.
“But (with Brexit) now there is an opportunity for us to build not just business links but also cultural ties with Britain in many areas.”
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A UK Government source said work is now underway to upgrade the free trade agreement (FTA) which was rolled over from Britain’s EU membership.
The source said: “We want to upgrade our FTA and we’ve consulted businesses on their priorities.
“We want forward to launch negotiations ASAP this year.
“Our current deal was a rollover from the EU, upgrading the FTA could boost economic opportunities across things like digital trade, services, support to SMEs.”
Following the global chip shortage and other supply chain issues caused by COVID-19 the UK and South Korea recently signed an agreement to strengthen supply chain resilience.
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The agreement and ministerial dialogue will help keep the flow of key products between UK-South Korea smooth.
The source close to Ms Badenoch added: “The UK wants to see CPTPP grow and is pleased other countries (like South Korea) see our application as a source of inspiration.”
The new deal would build on trade between the two countries worth £17.1billion in the year up to March 31 2023.
This included £9.4billion in exports from the UK.
South Korea, which has one of the more dynamic economies in Asia with growth of 2.9 percent despite the global economic downturn, is the UK’s 23rd largest trading partner.
But with 1.6 percent of the South Korean market, there is a belief that the UK has an opportunity to expand its share significantly.
Currently, Britain’s top five exports to South Korea are crude oil, cars, pharmaceutical products, mechanical generators and clothing.
South Korea sells Britain cars, ships, refined oil and telecoms.
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Tory Windsor MP Adam Afriye, who was also at the conference, told the Sunday Express that opportunities presented by countries like South Korea were what Brexit was about.
He said: “I’ve always believed in global Britain and I’ve always had confidence in the United Kingdom.
“We’ve always had a history of connections around the globe and I think that during our period in the European Union, we almost closed their eyes to the rest of the world.
“We relied on the bureaucrats in the EU for some of our great trade deals, that never really materialised.”
He branded the EU a “protectionist racket”.
He went on: “We are in a beautiful position now and the South Korean economy is dynamic, it’s high tech, and is enviable in many ways.
“So, to that it’s exactly the type of nation that the United Kingdom needs to be forging trading relationships with and thankfully, if they’re joining CPTPP, then we’re in the same boat, and all facing in the right direction.
“The stronger the connections with South Korea, the better in my view.”
He added that he agreed with the South Korean senator on cultural ties as well as trade.
“A lot of it’s not just the value of the trade between the nations but also the diplomatic connections will improve as well, with those trading connections.
“I think as a nation, we can hold our heads high again, we’re looking out reload.
“We’re connecting to the rest of the world. We’re increasing our trade reach, whilst the EU is contracting decade on decade.
“A stronger relationship bodes well, both for the UK but also actually for South Korea as well.
“One thing I observed walking around the streets of Seoul is that it’s a very tidy and orderly place.
“It’s very conservative with a small c, and I think there’s a natural connection between our peoples.
“The sooner we forge those trading connections then those diplomatic connections will get better too.”
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