Clegg announces South Korean deal

Nick Clegg today underlined Britain’s “commitment to fostering stronger trade links” with the world’s fastest-growing economies as he announced the UK had approved a Free Trade Agreement between the EU and Korea during his visit to South Korea.

The Deputy Prime Minister signalled the agreement at a meeting with South Korean prime minister Kim Hwang-sik, which he said could add £500 million per year to the UK economy and create £2 billion of additional export opportunities for businesses in Britain.

Bilateral trade between the two countries is already worth about £6.5bn, while Britain is Korea’s second-largest European trading partner after Germany.