By Daniel Hunter

Deputy Prime Minister Nick Clegg has announced a trade deal with South Korea that could benefit the UK economy to the tune of £500 million a year.

The Free Trade Agreement between the EU and South Korea was approved by the UK during Clegg's visit to Seoul for a nuclear summit.

Clegg said he hoped the deal would help the UK foster good trade links with expanding economies.

The agreement "marks a new and even stronger era for trade" between the UK and South Korea, he added.

"The best of British design, innovation and services will have even greater opportunity to show their strength in South Korea.

"UK and Korean companies will be able to form alliances on multi-billion pound projects across the world."

Trade between the two nations is already believed to be worth in the region of £6.5 billion, given that the UK is South Korea's second largest European trading partner after Germany.

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