Britain’s Prime Minister David Cameron and South Korean President Lee Myung-bak agreed to increase trade and investment between the two countries in a meeting prior to Thursday’s opening of the G-20 summit in Seoul.
Just last month, Korea and the European Union (EU) entered into a free trade agreement (FTA) that is expected to expand their countries' bilateral commerce, according to the presidential office Cheong Wa Dae.
[Lee and Cameron] agreed to work together for the Korea-EU FTA to take effect on July 1 next year as planned, the office stated in a press release.
Lee and Cameron also expressed satisfaction with their friendly and cooperative bilateral relations, which continue to develop across all areas based on the common principles of democracy and market economy, it added.
Two-way trade between Korea and the UK amounted to about $6.7-billion in 2009, with the Koreans exporting about $3.8-billion of goods, including automobiles, ships and wireless phones. Goods imported from Britain (amounting to about $2.9-billion) principally comprised steel parts, medicine, medical supplies and alcoholic beverages.
In addition, by spending $10-billion into Korea’s banking, insurance and retail sectors, Britain was the country’s biggest investor last year.
Korea invested $5.46 billion into Britain last year, mostly into the sales, distribution, shipping and financial services sectors.