RoK, UK agree in principal to sign free trade deal

Tuesday, 2019-06-11 11:23:41
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NDO - The Republic of Korea (RoK)’s trade minister, Yoo Myung-hee, and the UK international trade secretary, Liam Fox, have agreed in principle on a free trade agreement on June 10, according to Reuters.

The deal would help the RoK minimise trade uncertainty and maintain trade with Britain based on Seoul’s existing free trade agreement with the EU, the Ministry of Trade, Industry and Energy said in a statement.

The deal includes keeping zero-tariffs on South Korean exports such as auto parts and automobiles, the ministry said.

The RoK will also prepare responses to other possible scenarios including a ‘no-deal’ Brexit, the ministry added.