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

Jacob Rees-Mogg on Number 10’s customs partnership:

“It’s completely cretinous… it’s a betrayal of good sense, I cannot understand why government is faffing around with this system. I’m on the same side as Mr Barnier on this, god bless him.”

Sponsors

Guidogram: Sign up

Subscribe to the most succinct 7 days a week daily email read by thousands of Westminster insiders.
Mogg: Number 10’s Customs Partnership Is a ‘Cretinous Betrayal of Good Sense’ Mogg: Number 10’s Customs Partnership Is a ‘Cretinous Betrayal of Good Sense’
Why Brexiteers Are Worried Why Brexiteers Are Worried
May Told to Ditch Customs Partnership “Turkey” May Told to Ditch Customs Partnership “Turkey”
Anti-Brexit Bias of Former Top Civil Servants Anti-Brexit Bias of Former Top Civil Servants
Government Loses Lords Customs Union Vote Government Loses Lords Customs Union Vote
Is Bond Really a Remainer? Is Bond Really a Remainer?
Sunday Shows Highlights Sunday Shows Highlights
Business Confidence Returns to Positive Business Confidence Returns to Positive
Goldman Sachs CEO: I Was “Wrong” On Brexit Goldman Sachs CEO: I Was “Wrong” On Brexit
Museum of Brexit Launched to Celebrate Eurosceptic History Museum of Brexit Launched to Celebrate Eurosceptic History
Britain Still Backs Brexit 52% to 48% Britain Still Backs Brexit 52% to 48%
Remainers Finally Realising They Can’t Stop Brexit Remainers Finally Realising They Can’t Stop Brexit
Vauxhall Chooses UK #DespiteBrexit Vauxhall Chooses UK #DespiteBrexit
Leave.EU Hurting Brexit Cause Leave.EU Hurting Brexit Cause
UKIP Saved from Bankruptcy UKIP Saved from Bankruptcy
Adonis Thinks Cadwalladr Has Gone Too Far Adonis Thinks Cadwalladr Has Gone Too Far
Remainers Blow Half a Million on Ad Campaign in FT, Guardian and Standard Remainers Blow Half a Million on Ad Campaign in FT, Guardian and Standard
FAO Carole Cadwalladr: Sinister Remain Nexus Revealed FAO Carole Cadwalladr: Sinister Remain Nexus Revealed
Does Shahmir Have Smoking Gun? “No” Does Shahmir Have Smoking Gun? “No”
Poll: Overwhelming Majority Say Get On With Brexit Poll: Overwhelming Majority Say Get On With Brexit