Britain and South Korea sign agreement to improve trade

Britain and South Korea sign agreement to improve trade

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British Prime Minister David Cameron and South Korean President Park Geun-hye held summit talks on November 6, 2013. During the summit, leaders of the two countries made an agreement on significant financial cooperation among both the state-run and private institutions, as well as broader exchanges in energy and science.

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During the talks, the two leaders tried their best to increase the two countries’ investment volume, as well as the bilateral trade volume by 2020. They also agreed to hold government-level Joint Economic and Trade Committee on a regular basis, with a private-level global CEO forum, which was held during Park’s visit.

The leaders decided to expand advancements in each other’s financial markets and also agreed to provide joint support for the advancement of companies into third countries. The two sides in a joint statement said, “The ROK and U.K. share an ambition to double the volume of bilateral trade by 2020 and double bilateral foreign direct investment stock by 2020”.

The statement went on to say that South Korea and the UK agreed to expand their partnership when it comes to research and development of nuclear energy. The investment and trade volumes between South Korea and the UK reached $11.26 billion and $22.8 billion in 2012, respectively. The summit talks also included 11 memorandums of understanding worth $3 billion, which were signed for the two nations’ cooperation in financial fields.

Photo Credits: Yonhapnews