S Korea, Britain sign continuity FTA ahead of Brexit

Continuity FTA ensures free trade between S Korea and Britain even in the event of a hard Brexit

(Pixabay photo)

(Pixabay photo)

TAIPEI (Taiwan News) – South Korea and Britain agreed a continuity free trade agreement (FTA) on Thursday (Aug. 22) in case there is a hard Brexit, Yonhap News Agency reports.

Korean Minister of Trade, Yoo Myung-hee (柳明熙), will meet with British Secretary of State for International Trade, Liz Truss, in London, soon. The continuity FTA is expected to largely replicate the current bilateral FTA signed in 2011, so as to maintain the two countries’ trade relationship after Brexit, which is expected to take place on Oct. 31.

Truss said it is her responsibility to ensure it is business as usual after Brexit. Yoo said the FTA can reduce the uncertainty brought by Brexit, which creates a win-win situation for both countries.

Annual trade flows between the two countries were worth about £14.6 billion (NT$560 billion) in 2018, and £89 billion (NT$3.4 trillion) accumulatively since 2011, after the bilateral FTA was signed.