South Korea’s Single Market Trade

trade-value-south-korea8

Our series on EU trade with non-members of the Single Market; the US, China and Japan brought lots of whining from Remainers. One of their arguments for why this was not a valid indication that EU-UK trade will be fine is that these were examples from the three biggest economies in the world outside the Single Market. The implication was that of course big economies trade successfully with the EU, the UK has not got the same clout. Despite the fact that the UK will be the next biggest economy outside the EU.

So for our next example we chose a smaller economy, South Korea, with a GDP approximately half that of the UK, so presumably with far less clout. It also has the disadvantage of being 5000 miles from the EU rather than just 26 miles down a tunnel away. It is also out side that ever so important Single Market common regulatory area.

As a proportion of GDP Korea’s annual two-way trade with EU countries is 13.5% (almost $200 billion). This is a little under the UK’s 17% on the same basis. Despite having an economy half the size of the UK, the Koreans and the EU signed a free trade agreement in 2010 and a large number of import duties have been progressively slashed. Here we have it, a small country on the other side of the world, outside of the single market trading only slightly less with the EU then we do now…




Tip offs: 0709 284 0531
team@Order-order.com

Quote of the Day

Former public schoolboy Chuka Umunna told the  ‘Exit From Brexit Dinner’…

“Remainians, Remoaners, I don’t care what the label is, I’m proud. It’s fashionable to label everyone in this room as the liberal metropolitan elite . . . This caricature is promoted by a bunch of former public schoolboys!” 

Sponsors

Guidogram: Sign up

Subscribe to the most succinct 7 days a week daily email read by thousands of Westminster insiders.
Did Heywood Have Permission to Defend Remain Ally Robbins? Did Heywood Have Permission to Defend Remain Ally Robbins?
Sunday Show Highlights Sunday Show Highlights
Dover Traffic at Record Levels Dover Traffic at Record Levels
Khan’s ‘Independent’ Brexit Study Written by Leave-Bashers And Corbynistas Khan’s ‘Independent’ Brexit Study Written by Leave-Bashers And Corbynistas
EU Propaganda Service Chooses Soubry’s Constituency For New Base EU Propaganda Service Chooses Soubry’s Constituency For New Base
#DespiteBrexit Double Whammy #DespiteBrexit Double Whammy
Blair Lies About NHS Brexodus Blair Lies About NHS Brexodus
U-Strip: Meet UKIP Leader’s New Girlfriend U-Strip: Meet UKIP Leader’s New Girlfriend
LISTEN: Blair Doesn’t Rule Out Third Referendum LISTEN: Blair Doesn’t Rule Out Third Referendum
Priti Asks Electoral Commission to Investigate Remain Campaign Priti Asks Electoral Commission to Investigate Remain Campaign
2017: The Year the Experts Were Confounded 2017: The Year the Experts Were Confounded
10 Bonkers Things Adonis Said About Brexit 10 Bonkers Things Adonis Said About Brexit
Barmy Adonis: Farage is PM Barmy Adonis: Farage is PM
Remain Campaigns Coordinated Spending Remain Campaigns Coordinated Spending
Remain Donors Funnelled £1 Million to New Campaigns Set Up in Weeks Before Referendum Remain Donors Funnelled £1 Million to New Campaigns Set Up in Weeks Before Referendum
Remain Groups Shared Data, Suppliers and Campaign Materials Remain Groups Shared Data, Suppliers and Campaign Materials
Remain Campaign Flouted Rules to Spend Double Legal Limit Remain Campaign Flouted Rules to Spend Double Legal Limit
UK Best Country for Business #DespiteBrexit UK Best Country for Business #DespiteBrexit
Report: No Significant Russian Activity in Referendum Report: No Significant Russian Activity in Referendum
LibDems and Open Britain Fined For Referendum Spending Breaches LibDems and Open Britain Fined For Referendum Spending Breaches