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UK, South Korea ink post-Brexit trade deal

The U.K. and South Korea signed a "continuity" free trade agreement Aug. 22, allowing businesses from both countries to maintain trade after Brexit takes place Oct. 31.

Businesses will continue to benefit from preferential terms under the post-Brexit trade deal, which replicates, as far as possible, the effects of the trade pact between the EU and South Korea, the U.K. government said.

"It will allow businesses like Bentley Motors Ltd. and Denby Group Ltd. to keep trading as they do today, and they will be able to take advantage of the opportunities that Brexit offers," U.K. Secretary of State for International Trade Liz Truss said, who signed the agreement with South Korean Minister of Trade Yoo Myung-Hee.

Yoo said the new trade deal will "remove much Brexit uncertainty" that threatens the economic ties between South Korea and the U.K.

Trade between the two countries totaled £14.6 billion in 2018, according to the U.K. government.

With just a little over two months before its scheduled departure from the EU, the U.K. has so far signed 13 trade continuity agreements with 38 countries, including Iceland, Norway, Switzerland and Israel.