Asked by: Liam Byrne (Labour - Birmingham Hodge Hill and Solihull North)
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.
Answered by Chris Bryant - Minister of State (Department for Business and Trade)
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.
Asked by: Adam Jogee (Labour - Newcastle-under-Lyme)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, what steps he is taking to ensure that a) businesses, b) economic growth and c) higher education institutions in Newcastle-under-Lyme are impacted by trade deals.
Answered by Chris Bryant - Minister of State (Department for Business and Trade)
As the Honourable Member would expect, we do not direct the effects of individual Free Trade Agreements (FTAs) towards specific organisations within specific constituencies, nor do we monitor the way they are exploited in such granular detail. However, FTAs have an important role to play in delivering economic growth in all constituencies and all sectors. Through FTAs, businesses can benefit from tariff reductions, improved market access, and enhanced protections in investment and digital trade. The Department is working hand-in-hand with UK businesses to ensure firms have the tools and knowledge they need to seize these opportunities. If the Honourable Member knows of specific businesses that need assistance in exploiting our FTAs, he should approach the department and we will be happy to assist.
Last year we concluded trade negotiations with India and the Republic of Korea. Our assessments suggest these deals will have significant benefits across the UK economy and key industrial strategy sectors.
Asked by: Gregory Campbell (Democratic Unionist Party - East Londonderry)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, if he will take steps with Invest NI and the Northern Ireland Executive to ensure that the trade deal between the UK and South Korea impacts all areas of the United Kingdom.
Answered by Chris Bryant - Minister of State (Department for Business and Trade)
The FTA between the UK and the Republic of Korea will apply to all parts of the UK, including Northern Ireland. DBT have worked closely with the Devolved Governments throughout the negotiations. Digitised trade provisions and new rules of origin will benefit Northern Ireland by supporting easier export of products such as pharmaceuticals, a key export from Northern Ireland to the Republic of Korea.
DBT’s Free Trade Agreement Utilisation team will help businesses understand and benefit from the new UK-Republic of Korea FTA, working in partnership with businesses and their representatives from across the whole UK, including Northern Ireland.
Asked by: Tracy Gilbert (Labour - Edinburgh North and Leith)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, with reference to Written Statement UIN HCWS1171 on Upgraded Free Trade Agreement with the Republic of Korea: negotiation update, what impact the deal will have on the a) salmon and b) whisky industry.
Answered by Chris Bryant - Minister of State (Department for Business and Trade)
The upgraded FTA secures several provisions to reduce administrative burden and costs for UK businesses.
It streamlines clearance processes for the release of perishable goods like Salmon and ensures Scottish salmon raised from imported seedstock qualify for tariff-free access to the Republic of Korea, commitments welcomed by the Scottish salmon industry.
The FTA also locks in our Geographical Indication protection for Scotch Whisky, preventing the sale of fake Whisky in Republic of Korea. New rules of origin provisions will make it easier to export via distribution hubs without being charged tariffs, a key facilitation welcomed by the industry.
Asked by: Max Wilkinson (Liberal Democrat - Cheltenham)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, if he will publish a schedule of differences between the trade deal with South Korea announced on 15 December 2025 and the previous trade deal with South Korea which applied when the UK was a Member State of the EU.
Answered by Chris Bryant - Minister of State (Department for Business and Trade)
As part of this negotiation the UK and the Republic of Korea have agreed a range of improvements to the existing agreement. These cover goods and services trade, in addition to underpinning broader cooperation between the UK and Republic of Korea on a variety of topics. A summary of the key changes is included in the “UK-Republic of Korea trade deal: conclusion summary” published on Gov.uk at conclusion. We will publish further documentation and the full legal text, alongside a full assessment of the economic impact of the UK-Korea FTA, when the agreement is formally signed.
Asked by: Callum Anderson (Labour - Buckingham and Bletchley)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, what steps he is taking to monitor use of investment dispute resolution mechanisms under the UK–Republic of Korea Free Trade Agreement.
Answered by Chris Bryant - Minister of State (Department for Business and Trade)
The investment provisions in the UK-Republic of Korea FTA, including a modernised and transparent ISDS mechanism, will protect investors in both markets, ensuring fair, adequate and non-discriminatory treatment for both UK businesses investing in Korea and Korean businesses investing in the UK. This enhances the certainty investors need to make investments, which is crucial for economic growth. We have concluded negotiations but have yet to reach signature, let alone ratification. Once the agreement enters into force, DBT will, in line with standard practice, monitor the utilisation of the FTA by businesses.
Asked by: Callum Anderson (Labour - Buckingham and Bletchley)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, what assessment his Department has made of the potential impact of the investment provisions of the UK–Republic of Korea Free Trade Agreement on UK outward investment to the Republic of Korea.
Answered by Chris Bryant - Minister of State (Department for Business and Trade)
The updated investment provisions in the UK-Republic of Korea FTA will protect investors, ensuring fair, adequate and non-discriminatory treatment for both UK businesses investing in the Republic of Korea and Korean businesses investing in the UK. We believe the commitments will help provide certainty, incentivising investment and driving economic growth. We will publish a full assessment of the economic impact of the UK-Korea FTA when the agreement is formally signed.
Asked by: Callum Anderson (Labour - Buckingham and Bletchley)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, what discussions he has had with the Chancellor of the Exchequer and financial regulators on implementation of the financial services chapter of the UK–Republic of Korea Free Trade Agreement.
Answered by Chris Bryant - Minister of State (Department for Business and Trade)
Engagement between the Secretary of State for Business and Trade and the Chancellor of the Exchequer has focused on key aims for the UK-Republic of Korea FTA. HM Treasury officials, who negotiated financial services provisions, have engaged regularly with UK financial regulators throughout.
The Department for Business and Trade will lead on implementing the agreement, with input from HMT officials on financial services provisions. The Financial Services chapter contains consultation provisions which provide a formal mechanism for the UK Government – including, where appropriate, representatives from its financial regulators - to discuss implementation of these commitments with the Republic of Korea.
Asked by: Callum Anderson (Labour - Buckingham and Bletchley)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, whether his Department has identified sector-specific barriers to UK investment in the Republic of Korea since conclusion of the UK–Republic of Korea Free Trade Agreement.
Answered by Chris Bryant - Minister of State (Department for Business and Trade)
Throughout this negotiation we have sought to address current and future barriers, impacting both goods and services trade. Once the agreement enters into force, DBT will, in line with standard practice, monitor trade and investment flows to assess the impact of the new agreement. This will include seeking to identify any new and emerging sector-specific barriers affecting UK investment in the Republic of Korea.
Asked by: Callum Anderson (Labour - Buckingham and Bletchley)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, what steps he plans to take to assess the effectiveness of the investment and financial services provisions of the UK–Republic of Korea Free Trade Agreement.
Answered by Chris Bryant - Minister of State (Department for Business and Trade)
We will publish a full assessment of the economic impact of the UK-Republic of Korea FTA when the agreement is formally signed. Once the agreement enters into force, DBT will monitor the utilisation of the FTA by businesses, in line with standard practice.