Question to the Department for Business and Trade:

To ask the Secretary of State for Business and Trade, what the increase in UK GDP will be from the upgraded UK-Republic of Korea agreement.

The upgraded UK-Republic of Korea (RoK) Free Trade Agreement (FTA) guarantees permanent tariff-free access to 98% of RoK’s lines, ensuring £2 billion of UK goods exports at risk of additional duties can continue to benefit from reduced tariffs. New services provisions could also help increase UK services exports by £400 million annually in the long term.

Once the upgraded agreement is signed we will publish detailed analytical information, including trade impacts. As this is an upgraded FTA, we intend to use a New Quantitative Trade Model (NQTM) which will provide a more accurate overview of the upgraded FTA’s economic impact.