UK signs post-Brexit free trade deal with South Korea

Liam-Fox-Brexit-speech

Zero tariff agreement|

The UK has signed a crucial free trading deal with South Korea – Asia’s fourth largest economy – that will be seen as a huge boost to morale in the Brexit camp.

International Trade Secretary Liam Fox signed the zero-tariff deal with his South Korean counterpart Yoo Myung-hee in Seoul. It marks the first post-Brexit trade deal the UK has secured in Asia and is broadly in line with the terms of the existing Korea-EU free trade agreement.

Philip Hammond, Britain’s chancellor of the exchequer, says there is a “clear majority” in Parliament which is against the U.K. leaving the European Union without a deal.

South Korean exports include cars, car parts and electronic equipment and the deal will provide stability to the UK whether or not it leaves the EU with a deal. The UK is South Korea’s 19th largest trading partner and second largest among EU members.

Hanjin Incheon Container Terminal in Seoul
The UK and South Korea have signed an in principle free trade agreement (FTA) that seeks to maintain existing trade arrangements post-Brexit.

 

Ms Yoo said.: “The deal is significant as it eased uncertainties sparked by Brexit, amid the already challenging environment for exports on the escalating trade row between Washington and Beijing.”

So far the UK has agreed “continuity” deals with 12 countries and regions, including Israel, Norway and Iceland, Switzerland and Chile.

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