Kemi Badenoch has opened talks for a significant new commerce take care of Asian financial powerhouse South Korea.

It comes as South Korean politicians have additionally revealed their resolution to affix the rising Comprehensive and Progressive Trans Pacific Partnership (CPTPP) commerce bloc was impressed by Britain becoming a member of.

South Korean Senator Choi Seung Jae informed Express.co.uk on the GTNF commerce convention in Seoul that Brexit has offered each international locations with an thrilling alternative.

He mentioned: "I believe relations between Britain and South Korea have always been strong.

"But (with Brexit) now there is a chance for us to construct not simply enterprise hyperlinks but additionally cultural ties with Britain in lots of areas."

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A UK Government source said work is now underway to upgrade the free trade agreement (FTA) which was rolled over from Britain's EU membership.

The source said: "We need to improve our FTA and we’ve consulted companies on their priorities.

"We want forward to launch negotiations ASAP this year.

"Our present deal was a rollover from the EU, upgrading the FTA might increase financial alternatives throughout issues like digital commerce, providers, assist to SMEs."

Following the global chip shortage and other supply chain issues caused by COVID-19 the UK and South Korea recently signed an agreement to strengthen supply chain resilience.

The agreement and ministerial dialogue will help keep the flow of key products between UK-South Korea smooth.

The source close to Ms Badenoch added: "The UK needs to see CPTPP develop and is happy different international locations (like South Korea) see our utility as a supply of inspiration."

The new deal would build on trade between the two countries worth £17.1billion in the year up to March 31 2023.

This included £9.4billion in exports from the UK.

South Korea, which has one of the more dynamic economies in Asia with growth of 2.9 percent despite the global economic downturn, is the UK's 23rd largest trading partner.

But with 1.6 percent of the South Korean market, there is a belief that the UK has an opportunity to expand its share significantly.

Currently, Britain's top five exports to South Korea are crude oil, cars, pharmaceutical products, mechanical generators and clothing.

South Korea sells Britain cars, ships, refined oil and telecoms.

Tory Windsor MP Adam Afriye, who was also at the conference, told the Sunday Express that opportunities presented by countries like South Korea were what Brexit was about.

He mentioned: "I've all the time believed in world Britain and I've all the time had confidence within the United Kingdom.

"We've always had a history of connections around the globe and I think that during our period in the European Union, we almost closed their eyes to the rest of the world.

"We relied on the bureaucrats within the EU for a few of our nice commerce offers, that by no means actually materialised."

He branded the EU a "protectionist racket".

He went on: "We are in an exquisite place now and the South Korean economic system is dynamic, it is excessive tech, and is enviable in some ways.

"So, to that it's exactly the type of nation that the United Kingdom needs to be forging trading relationships with and thankfully, if they're joining CPTPP, then we're in the same boat, and all facing in the right direction.

"The stronger the connections with South Korea, the higher in my opinion."

He added that he agreed with the South Korean senator on cultural ties as well as trade.

"Lots of it is not simply the worth of the commerce between the nations but additionally the diplomatic connections will enhance as effectively, with these buying and selling connections.

"I think as a nation, we can hold our heads high again, we're looking out reload.

"We're connecting to the remainder of the world. We're rising our commerce attain, while the EU is contracting decade on decade.

"A stronger relationship bodes well, both for the UK but also actually for South Korea as well.

"One factor I noticed strolling across the streets of Seoul is that it is a very tidy and orderly place.

"It's very conservative with a small c, and I think there's a natural connection between our peoples.

"The sooner we forge these buying and selling connections then these diplomatic connections will get higher too."