‘The future is bright!’: Liz Truss makes brilliant point about South Korea free trade deal
The deal will see a continuation of the terms of the Seoul’s free trade deal with the European Union, signed in October 2010 and effective from December 2015. London agreed to a preliminary deal back in June, when Liam Fox was International Trade Secretary, the first post Brexit Asian trade deal. Ms Truss wrote in The Daily Telegraph: “This is an exciting moment for both of our countries and demonstrates this Government’s commitment to maintaining existing trade agreements with our allies.”
Trade between the UK and South Korea totalled £14.6billion in 2018.
The President of the Board of Trade added: “Once we leave the rules and regulations of the European Union, we will be able to establish our own independent trade policy for the first time in forty years.
“This provides us with the opportunity to realise new gold standard trade deals with our existing allies and like-minded countries such as Korea; nations who embrace freedom, value democracy and respect the rule of law.”
Ms Truss wrote: “South Korea has become a beacon of freedom, despite facing threats from the oppressive, totalitarian regime just across the border. It is a country that is full of ideas, that is innovative and entrepreneurial, and allows its talented people the freedom to flourish.”
Liz Truss signed the deal with South Korean trade minister Yoo Myung-hee
Boris Johnson appointed Ms Truss as International Trade Secretary
The former Justice Secretary noted the cultural impact South Korea has had in recent years.
She pointed out South Korean footballer Heung Min-Son is a key player for Tottenham Hotspur and K-pop band BTS headlined Wembley in June.
Stating since 2011, trade between the UK and South Korea has increased on average by 12 percent per year, she added: “Take Scotch Whisky. There is a thirsty market for our famous British-made drink in Korea, with the shipment value last year worth approximately £70 million. Our potters exported £17 million worth of goods to Korea in 2018, almost double what was sold there in 2010. And classic British brands such as Bentley have seen incredible success in Korea in recent years, enjoying a thirty-fold increase in exports over the last decade.”
Ms Truss insisted departures from the customs union and single market would give Britain more political and economic freedom.
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She then vowed: “I will be looking next to our friends in Australia, New Zealand and Japan, as well as the US, to ensure we embrace the opportunity Brexit affords us to build on the strong trading relationships we already have and establish new free trade agreements far and wide.
“This agreement with Korea is just the start of a journey towards establishing ambitious trading relationships with countries across the world.
“The future is bright, and I look forward to signing more trade deals in the months and years ahead.”
Ms Truss graduated from Oxford with a degree in philosophy, politics and economics.
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Ms Truss replaced Liam Fox as International Trade Secretary
She went one to work for Shell as a commercial manager and was an economics director for Cable & Wireless, before qualifying as an accountant and going on to work in politics.
Ms Truss was a councillor in the London Borough of Greenwich before becoming an MP in 2010.
Under David Cameron, she was the Parliamentary Under-Secretary for Childcare and Education and Environment Secretary.
Liz Truss has been an MP since 2010
She spent the last two years of the May ministry as Chief Secretary to the Treasury, a position currently held by Rishi Sunak.
At one point of the Tory leadership contest, she was bookies favourite to become Chancellor of the Exchequer, though that role went to Sajid Javid.
According to Oddschecker, she is currently 13th favourite to be next Tory leader behind Mr Javid, Jacob Rees-Mogg, Penny Mordaunt, Rory Stewart, Jeremy Hunt, James Cleverly, Dominic Raab, Michael Gove, Priti Patel, Amber Rudd, Matt Hancock and Tom Tugendhat.
Ms Truss is also the President of the Board of Trade
She lost her first two attempts to win a seat in the Commons.
In 2001, she lost out in Hemsworth to Labour’s Jon Trickett but did secure a 3.2 percent point increase for the Tories before losing out to Christine McCafferty in Calder Valley four years later.
When she won South West Norfolk in 2010, she increased Tory vote share by 3.4 percent and has sured increases of 2.6 and 11.9 percent in 2015 and 2017 respectively.