South Korea seeks to maintain free trade agreement with UK despite BREXIT
South Korea is preparing to fully maintain its trade with Britain despite its planned departure from the European Union.
In a meeting this morning with officials from the British Embassy in Seoul, Chun Yoon-jong, director general for free trade agreement policy at the trade ministry, said the two countries will continue their preferential ties on the back of their bilateral free trade agreement.
The ministry said it has already revised customs-related regulations ahead of Brexit and is ready to implement the FTA with Britain without delay.
The two sides signed an FTA last year that will be implemented in 2021, after a transition period for London's departure from the EU that will run through the end of this year.
Until then, South Korean exporters will continue to enjoy benefits of the FTA signed with the EU when trading with the United Kingdom.
South Korea mainly exports automobiles, ships and marine facilities to Britain while importing products such as crude oil and pharmaceuticals in return.■
<Image: Yonhap News>
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