The Trade Deal Between The UK And South Korea After Brexit
Let’s find out more information about this through the article.
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.
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