S. Korea to speed up FTA with Britain on looming no-deal Brexit
SEJONG, Jan. 16 (Yonhap) -- South Korea's trade ministry said Wednesday it will speed up efforts to clinch a free-trade agreement (FTA) with Britain amid rising woes over the country's move toward exiting the European Union without an agreement on matters such as customs.
The Ministry of Trade, Industry and Energy said it has decided to make greater efforts to reach the trade deal, as London's departure from the European Union is anticipated to have an adverse impact on South Korean companies that deal with the island nation.
The so-called no-deal Brexit refers to the country leaving the union without reaching an agreement on its post-Brexit relationship.
Ttrade volume between the two countries came to an all-time high of US$14.4 billion in 2017, helped by the free-trade agreement with the EU.
If London departs the EU, however, South Korean firms may no longer enjoy the benefits provided under the trade deal with the union when trading with Britain. This makes it essential that another free trade arrangement is reached.
Seoul said it will join forces with related organizations to keep track of updates in the issue.
The state-run Korea Trade-Investment Promotion Agency and the Korea International Trade Association said they will start helping local exporters to cope with Brexit and deliver their views to the government.
colin@yna.co.kr
(END)
-
S. Korea marks 30th anniv. of Korean Pavilion at Venice Biennale with contemporary art
-
Artist Lee Bae captures ethereal Korean aesthetics at Venice Biennale
-
Ateez member Yunho throws first pitch at MLB match between Dodgers, Mets
-
Gov't likely to accept university chiefs' request to lower med school enrollment quota
-
S. Korea supports resolution backing U.N. membership of Palestine
-
Artist Lee Bae captures ethereal Korean aesthetics at Venice Biennale
-
S. Korea marks 30th anniv. of Korean Pavilion at Venice Biennale with contemporary art
-
Gov't likely to accept university chiefs' request to lower med school enrollment quota
-
Experts see possibility of N.K. conducting nuclear test before U.S. presidential vote
-
Details of meeting between Yoon, opposition leader undecided: presidential office
-
U.S. will take steps for three-way engagement on nuclear deterrence with S. Korea, Japan: Campbell
-
(LEAD) Hybe to file complaint against sublabel executives over internal conflict
-
S. Korea reports highest suicide rate, ultra fine dust level among OECD nations: data
-
Looming weekly closure of major hospitals feared to worsen medical service crisis
-
U.S. sent ATACMS missiles to Ukraine following Russia's use of N.K. missiles: White House