U.K. Business Secretary Vince Cable will visit South Korea this week to meet government ministers and U.K. companies trading there before a free-trade agreement between the nation and the European Union takes effect.
Cable will also launch an investment report detailing to Korean firms business opportunities existing in the U.K., the government’s U.K. Trade and Investment department said in an e- mailed statement.
South Korean lawmakers in May passed a free-trade agreement with the EU, enabling the world’s second-biggest trade deal to come into effect on July 1. The accord, which will remove up to 97 percent of tariffs on trade and goods in three years, may generate as much as 500 million pounds ($826 million) to the U.K. economy, according to the statement.
“Korea offers countless opportunities for UK companies of all sizes, and across a number of sectors,” Cable said in the statement. “Korea is set to make the 10th largest contribution to world growth over the next five years and will become one of the most attractive export destinations globally. There has never been a better time to engage with this market.”
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