On Monday, South Korea and Britain are scheduled to sign an agreement to reinforce supply chains for key products which have been hammered by the Coronavirus pandemic.
British trade minister Anne Marie Trevelyan is scheduled to host her counterpart Yeo Han-koo in London.
Both ministers are expected to begin work on improving trade ties and comes at a time when Britain is looking to build stronger trade relations with economies through the Pacific and Asia.
“This is our Indo-Pacific tilt in action – strengthening ties with one of the largest economies in the world,” said Trevelyan in a statement.
Today’s meeting will be a precursor to formal trade negotiations, which are expected to begin later this year, to improve an existing agreement which effectively keeps in place the terms Britain had as a member of the EU.
Ahead of that, the delegations in London will look to improve supply chain resilience in the face of global disruption caused by the COVID-19 pandemic which is driving up production costs and fuelling inflation – currently at its highest in nearly 30 years in Britain.
Details of the agreement have not been published in advance.
Britain wants to ensure that the flow of critical goods, including chips, continue to keep flowing between the two countries.
Britain’s auto industry, like most of its peers, has been held back by a global shortage of semiconductors.
As of September 30, 2021, trade between Britain and South Korea was worth $18 billion (13.3 billion pounds), said the government,
Both countries are seeking to join a trans-Pacific trade pact.
($1 = 0.7392 pounds)