UK agree trade deal with South Korea

The UK and South Korea have agreed a post-Brexit deal, which would mean that the two countries will maintain trade based on their existing free trade agreement with the EU.

This latest trade deal means that the UK has now secured agreements covering 63% of trade covered by EU deals, up from 28% just three months ago.Seoul

In 2017 bilateral trade was relatively balanced and worth £13.3bn, although the UK enjoy a modest surplus in services trade.

Cars, car components, ships and aircraft parts are the biggest UK imports, while exports consist mainly services, cars and fuel

Both countries intend to ratify the deal before the UK’s scheduled departure from the EU on of October 31.

In future Britain will need to obtain South Korea’s consent to maintain existing tariff-free terms for UK goods with significant European components and for UK components in EU exports, which will require agreement between all three participants, not just between the UK and Korea

The agreement is not a permanent trade deal and would need to be renegotiated within two years.