South Korea’s President Yoon Suk Yeol was welcomed at Downing Street to sign a diplomatic accord which he hopes will help “promote freedom, peace and prosperity around the world together”.
Prime minister Rishi Sunak and his wife Akshata Murty greeted Mr Yoon on the steps outside No 10 on Wednesday afternoon.
Mr Yoon, who began his three-day state visit on Tuesday, described it as “an honour and a privilege” to be at Downing Street and said he was looking forward to talks with Mr Sunak to modernise a free trade agreement (FTA).
Your state visit underlies the deep partnership and friendship between our two countries and the signing of the Downing Street Accord today strengthens that friendship— Rishi Sunak
Through a translator, he said: “Today we are going to sign a historic Downing Street Accord and, as allies and as friends who have shed blood together in the Korean War, I believe that there is no other areas that we cannot further deepen our co-operation including economic partnerships, science and technology.”
The leaders are to sign a long-term agreement covering defence and technology co-operation.
The Downing Street Accord follows similar agreements with Singapore and Japan as the UK seeks to consolidate influence in the Indo-Pacific region.
It is set to include a defence agreement to boost the British and Korean militaries’ co-operation on countering smuggling in the East China Sea, which North Korea relies on to evade sanctions.
Mr Sunak told Mr Yoon: “Your state visit underlies the deep partnership and friendship between our two countries and the signing of the Downing Street Accord today strengthens that friendship.
“From defence and security to trade and technology, we already co-operate in lots of different areas.
“But that co-operation will also be matched by the private sector by our agreement to upgrade and strengthen our FTA and the very welcome £20 billion-plus of investment from Korean companies into the United Kingdom.
“That investment is a huge vote of confidence in the UK and a symbol of our close co-operation. I am looking forward to discussing all of these things with you this afternoon.”
Mr Yoon also met with Opposition leader Sir Keir Starmer on Wednesday.
A Labour spokesman said Sir Keir and the visiting president agreed on the “need to boost UK-Korean trade and investment”, while also discussing the “ongoing need for closer co-operation” on security.
“At a tense time in the world and in the region, (Sir Keir) Starmer reiterated Labour’s strong commitment to Korean security and they agreed that Britain and Korea must seek to strengthen security ties to face down new and modern threats,” the party said, in a readout of the talks.
The state visit began with a welcome from the King and Queen on Tuesday.
Business and Trade Secretary Kemi Badenoch began trade negotiations with her South Korean counterpart Bang Moon-kyu at the UK-Korea Business Forum at Mansion House on Wednesday.
They are set to announce £21 billion of investments committed by Korean businesses in green energy and infrastructure projects across the UK.
The UK secured a free trade deal with South Korea in 2019.
In his banquet speech on Tuesday, the King said “Koreans have created a miracle” in their journey from “wartime devastation” to a thriving country where the “industrial efficiency” he witnessed during a visit in 1992 had become the “epitome” of technological innovation.
The UK visit coincides with the 140th anniversary of diplomatic relations between the UK and Korea, as well as the 70th anniversary of the armistice of the Korean War.
