Britain today agreed on an in-principle deal with South Korea to roll over the trade relationship it currently has with the country as a member of the EU, U.K. International Trade Secretary Liam Fox said.
The U.K. is attempting to replicate the EU’s some 40 existing trade agreements in case it exits the bloc without a Brexit deal. It has so far signed 12, including with Switzerland, and Iceland and Norway — the South Korean one is the first to be signed in Asia.
“Today the U.K. and Korea have agreed in principle a free trade agreement ensuring the continuity of our trade relations as the U.K. exits the European Union,” Fox said in a statement. “The agreement will come into force subject to the relevant parliamentary procedures in both countries, and once the U.K. has left the EU.”
He added the deal “will allow British and Korean businesses to keep trading and investing on the same terms as we do today.”
South Korea is a strong global trader in the auto, steel and electronics sectors, and exports to the U.K. reached £5 billion last year, according to the BBC.
The deal was signed by Fox and South Korean Trade Minister Yoo Myung-hee in Seoul.