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The Trade Deal Between The UK And South Korea After Brexit

October 12, 2018

Let’s find out more information about this through the article.

Both two countries gain numerous benefit from the trade deal

The post-Brexit trade deal

The two countries – South Korea and Britain have been in working-level talks on establishing a new trade deal once the UK exits from the European Union at the end of March. And the agreement came at the meeting between the UK’s International Trade Minister Liam Fox and South Korea’s Finance Minister Kim Dong-yeon.

In 2011, Seoul signed a free trade agreement with the EU, but now they need a fresh arrangement with London since the UK will formally leave the 28-nation bloc in 2019.

The benefits of the new bilateral deal

The fresh arrangement will bring a number of advantages for both countries.

As the UK is South Korea’s second-largest trading partner in Europe, with bilateral trade volume having increased from $8.79 billion in 2011 to $13.52 billion in 2015, the new deal will help this bilateral volume continue to increase.

In addition, the implementation of the FTA with the EU has been beneficial to South Korea’s auto industry. And the number of crude oil, vehicles and cosmetics exported by Britain has greatly went up over the past six years.
Moreover, the new bilateral deal will help the two countries become “stronger” and have fewer harmful impacts when facing the problem coming from the trade war between the US and China.
Here are some information about the post-Brexit trade deal between the UK and South Korea. If you have any further information or any question about this, let share with us through the comment below.
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