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S.Korea, UK negotiate FTA to address possible hard Brexit

IANS  |  Seoul 

and the UK on Monday finalized a continuation of a Free (FTA) to protect their trade relations should the latter decide to exit the (EU) without any deal.

South Korean and her British counterpart on Monday gave their approval in 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 and the EU, reports news.

With this bilateral FTA both parties can ensure stability and continuity of the current trade environment, according to a statement from Seoul's Ministry of Trade,

An initial revision of the agreement was also agreed upon two years after its entry into force.

The UK has established the new Brexit deadline for October 31, and the agreement must be ratified by both sides before then.

Since January, and have made urgent negotiations on the treaty amid the possibility of exiting without any agreement or a "hard Brexit".

The UK is South Korea's second-largest trading partner of the members of the EU, a bloc with which the Asian country has a free-in force since 2011.

By virtue of that agreement, the volume of trade between the two countries in 2018 reached about $13.17 billion according to data from the South Korean ministry.

exports mainly cars and ships, while also importing cars from the UK, as well as significant amounts of

--IANS

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, June 10 2019. 11:26 IST
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