Britain, South Korea sign Brexit trade deal

Britain, South Korea sign Brexit trade deal

An EU flag flutters during an anti-Brexit demonstration outside the Houses of Parliament in London
An EU flag flutters during an anti-Brexit demonstration outside the Houses of Parliament in London, Britain. (Photo: REUTERS/Hannah McKay)

LONDON: Britain and South Korea on Thursday (Aug 22) signed a deal that will allow the two countries to keep trading freely after Brexit.

The deal rolls over existing provisions under an EU trade deal and protects annual bilateral trade flows worth £14.6 billion (US$17.7 billion) in 2018.

The move was hailed by two major exporters to South Korea - luxury carmaker Bentley and the Denby Pottery Company.

"My priority is to make sure that British businesses are fully prepared for Brexit," International Trade Secretary Liz Truss said in a statement.

Truss signed the agreement with South Korean Trade Minister Yoo Myung-Hee.

"Today's signing of the FTA (Free Trade Agreement) will remove much Brexit uncertainty out of our long, valuable economic partnership," Yoo said.

READ: Trump offers help as UK's Johnson asks Merkel to budge on Brexit

It is Britain's first post-Brexit trade deal in Asia and follows similar agreements with nations including Chile, Iceland, Norway and Switzerland.

Britain is scheduled to leave the bloc on Oct 31.

Source: AFP/nc

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