Korea to complete ratification of FTA with UK before Brexit

South Korea is set to complete the ratification of a free trade deal with the UK at the National Assembly before the Brexit deadline of Oct. 31, officials said Monday.

Since Britain voted to leave the European Union in June 2016, the Korean government has pushed for a bilateral deal with the UK to prevent the rupture of trade relations and ensure continuity. 

On Aug. 22, the two nations signed a trade agreement that would allow businesses to keep trading freely after Brexit, marking the first post-Brexit deal secured in Asia.

The Ministry of Trade, Industry and Energy said it plans to continue monitoring developments related to Brexit and the ratification process in the UK. It also intends to complete the ratification process by the end of October as planned.

The trade deal with the UK will allow Korean companies to receive the same trade benefits as businesses in the European Union, helping them continue trade and investment activities with the UK without uncertainties, the ministry said.

However, the trade deal with the UK is a temporary agreement in response to a possible no-deal Brexit. The two nations have to carry out negotiations in two years once the deal takes effect. 

By Shin Ji-hye (shinjh@heraldcorp.com)