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UK and South Korea to signal ‘continuity’ commerce settlement

Hanjin Incheon Container Terminal in SeoulPicture copyright
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The UK will signal a “continuity” commerce settlement with South Korea on Thursday, permitting companies to maintain buying and selling freely after Brexit.

Worldwide Commerce Secretary Liz Truss will signal the settlement together with her South Korean counterpart Yoo Myung-hee in London.

The two countries agreed to a preliminary deal in June, marking the primary post-Brexit deal secured in Asia.

Commerce between the UK and South Korea totalled £14.6bn ($17.7bn) in 2018.

The settlement is roughly in keeping with the phrases of the present Korea-EU free commerce deal.

The UK has sought to secure agreements with its trading partners because it prepares to go away the European Union in October.

“My precedence is to make it possible for British companies are absolutely ready for Brexit and able to commerce on Thursday 31 October,” Ms Truss stated in an announcement.

Ms Yoo stated the settlement would “take away a lot Brexit uncertainty” from the financial partnership between the 2 nations.

South Korea is a world chief in electronics, metal and the auto trade and its exports to the UK reached £5.2bn final yr.

Asia’s fourth largest economic system exports principally automobiles and ships to Britain, whereas it imports crude oil, automobiles and whisky.

Ms Truss stated the settlement would permit companies equivalent to luxurious carmaker Bentley to “preserve buying and selling as they do at the moment, and they’ll be capable of reap the benefits of the alternatives that Brexit provides”.

Warren Clarke, Bentley model supervisor for South Korea welcomed the “stability” introduced by the deal.

“As the primary luxurious automobile model to enter the market in 2006 Bentley Motors sees South Korea as very vital to our future enterprise plans.”

Commerce offers

The UK is pushing to strike agreements with its buying and selling companions because the Brexit deadline looms.

To this point, the UK has signed 13 trade continuity agreements with 38 countries, together with Israel, Norway and Chile.

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