Trade officials of Korea and Britain will meet this week to discuss ways to forge a new trade deal after London exits from the European Union, Seoul’s Trade Ministry said on Dec. 11.
Korea signed a free trade agreement with the EU in 2011, but it will have to strike a fresh deal with Britain once it formally leaves the 28-nation bloc in March 2019.
Korea’s Ministry of Trade, Industry and Energy and Britain’s Department of International Trade formed a trade working group in December and held an inaugural meeting in February to come up with a new trade mechanism for a post-Brexit world.
Kim Jung-il, Seoul’s FTA policy official, and John Alty, a director general of DIT, will hold a second round of dialogue in London on Dec. 11-12 to share the latest issues and check the business environment for Korean companies in Britain.
Britain is Korea’s second-largest trading partner in Europe, with the bilateral trade volume having increased from US$8.79 billion in 2011 to US$13.52 billion in 2015, according to the government data.
By Alex Lee and newswires (firstname.lastname@example.org