Seoul and the UK Have Signed a Free Trade Agreement Which Will Apply after Brexit

Business | August 23, 2019, Friday // 08:24| Views: | Comments: 0
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The UK and South Korea have signed a free trade agreement today that will allow them to continue to trade freely after Brexit, scheduled for October 31st, France Press reported.

The trade between London and Seoul grows by about 12 percent each year since the signing of the 2011 Free Trade Agreement between the European Union and South Korea. The turnover reached £ 14.6 billion in 2018 (around € 16billion), the UK Department of Commerce said in a statement.

The automotive industry, technology, renewables and ceramics are among the UK's exporting sectors to South Korea, BTA said.

Exports of British cars to the South Korean market are particularly good, with sales reaching GBP 943 million in 2018, a one-third increase from the previous year.

The London-Seoul agreement "reproduces to the fullest extent the effects of the EU-South Korea trade agreement," the British agency said.

It will allow automakers such as Bentley and ceramics maker Denby to continue their business as before and take advantage of the opportunities Brexit will offer them, said British Trade Secretary Elizabeth Truss.

Ms Truss said the agreement would allow firms such as luxury carmaker Bentley to "keep trading as they do today, and they will be able to take advantage of the opportunities that Brexit offers".

In preparation for Brexit, the UK has signed 13 trade agreements with 38 countries so far, including Israel, Norway and Chile.

The agreement with South Korea is the first to be signed with an Asian country.

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Tags: UK, Seoul, South Korea, free trade agreement, Brexit
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