South Korean President Yoon Suk Yeol embarked on a state visit to the United Kingdom, marking a significant step in strengthening economic, security, and cultural ties between the two nations. This visit, the first state visit hosted by Britain since King Charles' coronation, was marked by a royal banquet at Buckingham Palace.
The visit aimed to intensify bilateral cooperation through new partnerships and agreements. Yoon and UK Prime Minister Rishi Sunak were expected to sign an agreement covering cooperation in defense and technology, including artificial intelligence. This move is seen as a strategic step to address geopolitical risks including supply chains and energy security.
In addition to defense and technology, the focus of the visit was also on trade. The UK and South Korea announced plans to launch negotiations on an upgraded free trade agreement. The current trade deal, over a decade old, does not include digital chapters reflecting the modern economy. With 80% of UK services exports to Korea delivered digitally in 2021, securing modern digital provisions could unlock big opportunities for UK businesses. Bilateral trade between the two countries was worth $12.1 billion last year and has more than doubled since the existing trade deal was agreed in 2011.
The countries also announced a record £21 billion of Korean investment in green energy and infrastructure projects across the UK, expected to create over 1,500 skilled jobs. This investment is seen as a significant boost to the UK's green energy sector.
The visit also celebrated South Korea's cultural influence, with the presence of K-pop girl group Blackpink at the state banquet. This highlights the growing cultural exchange between the two nations.
The UK government hopes this visit will help cement an 'Indo-Pacific tilt' in its foreign and trade policy, reflecting the growing importance of the region in global affairs.