United Kingdom and South Korea reach preliminary post-Brexit trade deal

South Korea trade deal on the table | Business

South Korea trade deal on the table | Business

The UK on Monday signed a preliminary free trade agreement with South Korea, securing its first post-Brexit deal in Asia. The two countries now need to seek ratification from their respective parliaments before October 31.

South Korea's trade ministry has reached an "emergency bridge" trade agreement with the United Kingdom to maintain their deal even if "no-deal" Brexit becomes a reality.

International Commerce Secretary Liam Fox signed the take care of his South Korean counterpart Yoo Myung-hee in Seoul. A source at the UK embassy noted that Monday's agreement to transition the EU-South Korea FTA to a South Korea-UK FTA, post-Brexit, does not provide a model for further transitions - such as the EU-Japan FTA.

As of 2018, South Korean exports to Britain amounted to about $6.4 billion (5.03 billion pounds) in 2018, making up 1.05% of the country's total exports, according to data from the Korea International Trade Association.

It would duvet South Korean exports along with vehicles and auto parts.

"The deal is necessary because it eased uncertainties sparked by Brexit, amid the already interesting surroundings for exports on the escalating substitute row between Washington and Beijing", Ms Yoo said.

Britain, Seoul's second-largest trading partner among the European Union members, is the 18th-largest trading partner for Asia's fourth-largest economy, accounting for less than 2 percent of its overall trade. Considering high shipping costs, the appeal of North Sea Forties crude would fall without a separate trade deal, South Korea's biggest refiner SK Innovation Co. said in February.

A priority for the government has been to get these countries to roll over their trade deals with the UK.

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