Deputy Prime Minister Nick Clegg signed a trade agreement with South Korea that he said could create two billion pounds of export opportunities for British businesses and add 500 million pounds to the UK economy.
According to the Daily Telegraph, Clegg announced during a meeting in Seoul Sunday that the UK had approved a Free Trade Agreement between the EU and South Korea.
He underlined Britain's "commitment to fostering stronger trade links" with the world's fastest growing economies.
Bilateral trade between the two nations is already around 6.5 billion, while Britain is Korea's second largest European trading partner after Germany.
Clegg said: "I'm delighted to be here in South Korea, and to be able to tell Prime Minister Kim Hwang-sik that we have fully approved the Free Trade Agreement." Clegg unveiled a new Host2Host agreement, which it is hoped will position British firms to win contracts working on sporting events including the Asian Games 2014, the World Student Games in 2015 and Pyeongchang Winter Olympics 2018.
He added, "The best of British design, innovation and services will have even greater opportunity to show their strength in South Korea. UK and Korean companies will be able to form alliances on multi-billion pound projects across the world." The UK delegation, led by the Deputy Prime Minister, is travelling across South Korea meeting business leaders and examining examples of innovation. Clegg, US President Barack Obama and representatives from 53 nations will attend the two-day Nuclear Security Summit, hosted in the capital of Seoul, to discuss ways to safeguard nuclear materials from terrorist groups. (end) kd.gta KUNA 261150 Mar 12NNNN