Today, the UK and South Korea have, in principle, signed a post-Brexit free trade agreement that will seek to maintain the current trade arrangements between the two countries.
South Korean’s International Trade Secretary and his British counterpart Dr Liam Fox signed the deal in the country’s capital, Seoul.
The deal represents the first post-Brexit trade deal with an Asian nation.
🇬🇧-🇰🇷 Trade Agreement: “It will allow British and Korean businesses to keep trading and investing on the same terms as they do today.” @UKinKorea @tradegovukKOR @natalieblackuk @Nikmehta33 @SimonSmithFCO @JohnAlty1 pic.twitter.com/ybPLkbAvIB
— Dr Liam Fox MP (@LiamFox) June 10, 2019
The trade deal would cover South Korean exports including products from its large cars and auto parts sector. Britain mostly exports cars and crude oil to South Korea.
Today’s agreement will likely be ratified in November.