April 25, 2024

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South Korea and the UK signed a memorandum of understanding Sept. 30 to launch a vice-ministerial consultative body aimed at strengthening economic cooperation after Brexit.

Second Vice Foreign Minister Lee Tae-ho and UK’s Minister for Asia and the Pacific Heather Wheeler inked the MOU on the establishment of a Senior Economic Dialogue, Seoul’s Foreign Ministry said. 

“In order to create new opportunities for economic cooperation in a mutually beneficial way and further strengthen the institutional frameworks for the existing cooperative ties, the two sides will establish the Senior Economic Dialogue,” the ministry said in a press release.

In recent months, Seoul and London have been striving to reinforce and expand institutional platforms to ensure that the two countries maintain close cooperation after Britain’s withdrawal from the EU.

On Aug. 22, the two countries signed a bilateral free trade agreement in a reflection of their ongoing efforts to minimize potential disruption that may come with Brexit and pursue stable trade relations.

By Ram Garikipati and newswires (ram@heraldcorp.com)