Economy

South Korea, UK agree to sign free trade deal ahead of #Brexit

South Korea, UK agree to sign free trade deal ahead of #Brexit”

In 2018, UK-South Korean bilateral trade was worth €16.4 billion and has increased by 12% a year since the conclusion of the EU-South Korea Free Trade Agreement in 2011.

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

The UK is South Korea's second biggest trade partner in Europe after Germany.

South Korean Trade Minister Yoo Myung-hee and her British counterpart Liam Fox on Monday gave their approval in Seoul to the conditions of the "emergency bridge agreement" which will maintain practically the same tariff regime that exists between the two countries according to the FTA between South Korea and the European Union, reports Efe news.

The deal agreed on Monday has the same benefits offered by the current Korea-EU agreement, and the two nations will further strengthen cooperation in areas including agriculture, automobiles and energy, South Korea's trade ministry said in the statement.

Corporate Relations Director, Asia Pacific, Paul Kelleher of alcoholic beverages firm Diageo said he "warmly welcomes" the agreement, according to the communique, while Grant Hughes, the managing partner of law firm Clifford Chance, said: "We are pleased to hear the news of a trade deal which will allow for firms such as ours to maintain our local presence". "The deal is to cushion the risks from Brexit amid multiple headwinds from the escalating U.S".

Since June 2016, agreements similar to the one concluded with South Korea have been signed with Norway, Iceland, Switzerland, and Chile.

The agreement will be formally signed once it has been subject to formal checks.

U.K. International Trade Secretary Liam Fox tweeted about the agreement on Monday.

Dr Fox said: "The value of trade between the United Kingdom and Korea has more than doubled since the EU-Korea agreement was applied in 2011".



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