The United Kingdom prepares post-Brexit. The minister of the british Trade, Liz Truss, has signed on Thursday in London with his counterpart, south Korean, Yoo Myung-hee, an agreement to that the two countries could continue to trade freely after the 31 October, the scheduled date for the exit of the Uk from the european Union.
The agreement established between London and Seoul, "reproduced, to the extent possible, the effects of the trade agreement between the EU and South Korea, allowing companies to continue to benefit from preferential conditions". Signed in 2011, the alliance negotiated with Brussels has allowed the two countries see their trade increase by about 12 % each year. They accounted for 14.6 billion pounds in 2018 (about 16 billion euros). The exports of british cars to South Korea, are worn particularly well, with sales having reached 943 million pounds in 2018, representing a growth of a third compared to the previous year.
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The agreement "will allow companies such as Bentley (automobile manufacturer, editor's NOTE) and Denby (manufacturer of ceramic) to continue their business activities as they do today, and take advantage of the opportunities offered by the Brexit", according to Liz Truss, as quoted in this press release. The United Kingdom also exports technology, renewable energy, and ceramics.
For Yoo Myung-hee, the signing of this agreement "will remove a large part of the uncertainties of the Brexit as to our long and valuable economic partnership". To this day, the United Kingdom has signed 13 trade agreements with 38 countries, which transpose the provisions of the agreements put in place by the EU with these countries. The one tied with South Korea is the first with an asian country.Updated Date: 26 August 2019, 00:00