Korea seeks ways to minimize impact from Brexit vote

Published : Jan 16, 2019 - 09:17 Updated : Jan 16, 2019 - 09:17

The South Korean government plans to hold an interagency meeting Wednesday to discuss policy measures in response to British lawmakers' rejection of a Brexit deal, a ministry official said.

Deputy Foreign Minister for Economic Affairs Yun Kang-hyeon will preside over the session to open at 2 p.m. at the ministry's building in Seoul.

(Yonhap)

It will be joined by representatives from other relevant authorities, including the Ministry of Trade, Industry and Energy, the Ministry of Economy and Finance, and the Korea Customs Service.

As the House of Commons voted overwhelmingly down Prime Minister Theresa May's divorce deal with the European Union on Tuesday, the post-Brexit situation remains murky.

Britain is due to leave the regional bloc on March 29.

In case of a no-deal Brexit, South Korea, which has a free trade agreement with the EU, will suffer direct effects as well.

"In today's meeting, there will be a review of treaties to modify, which include the South Korea-EU FTA, and the direction of related consultations with Britain," the foreign ministry official said.

The government is also scheduled to have working-level talks with Britain on the issue in London on Jan. 23.

South Korea's team will be led by Kim Hee-sang, director general for bilateral economic affairs at the Ministry of Foreign Affairs.

There are more than 100 South Korean firms operating in Britain, with two-way trade totaling $14.4 billion. (Yonhap)