UK signs free trade deal with South Korea for post-Brexit
The UK has signed a free trade agreement (FTA) with South Korea that aims to maintain existing arrangements after Brexit.
The deal was signed by Liam Fox, International Trade Secretary, with Yoo Myung-hee, in Seoul.
Ms Yoo said: “The deal is significant as it eased uncertainties sparked by Brexit, amid the already challenging environment for exports on the escalating trade row between Washington and Beijing.”
This marks the first post-Brexit trade deal secured in Asia for the UK. It is said to cover South Korean exports, like cars. It also imports crude oil to the UK.
The preliminary agreement marks the first post-Brexit trade deal the UK has secured in Asia.
The UK is due to leave the European Union on October 31, deal or no deal. If it goes ahead, the deal will be implemented this November.
Being a current member of the EU, the UK has access to 40 trade deals which the EU has signed with other countries. Post-Brexit, the UK would cease access to these deals instantly, and 11 per cent of the country’s trade would be lost.
The UK has, so far, agreed ‘continuity’ deals with 12 countries including Switzerland and Norway.
The UK is set to leave the EU on 31 October 2019. Are you preparing for Brexit? Complete the North East Growth Hub and Tees Valley Business Compass’ 3-minute survey →