Nat'l Assembly ratifies S. Korea-UK FTA
- 5 years ago
The National Assembly has ratified a free trade agreement between South Korea and the UK in preparation for Brexit.
The deal centers on maintaining benefits enjoyed by the two countries under the South Korea-EU FTA that went into effect eight years ago.
The two countries also agreed to treat products transported via the EU the same as those shipped directly to the UK for three years.
Seoul's trade ministry says the agreement will immediately take effect in the case of a no-deal Brexit.
Should Britain leave the EU with a deal, the FTA will take effect at the end of that deal's transition period.
With the latest development, South Korea becomes the first Asian country to have completed the ratification of a trade deal with the UK.
The deal centers on maintaining benefits enjoyed by the two countries under the South Korea-EU FTA that went into effect eight years ago.
The two countries also agreed to treat products transported via the EU the same as those shipped directly to the UK for three years.
Seoul's trade ministry says the agreement will immediately take effect in the case of a no-deal Brexit.
Should Britain leave the EU with a deal, the FTA will take effect at the end of that deal's transition period.
With the latest development, South Korea becomes the first Asian country to have completed the ratification of a trade deal with the UK.