The deal would help South Korea minimise trade uncertainty and maintain trade with Britain based on Seoul's existing free trade agreement with the EU, the Ministry of Trade, Industry and Energy said in a statement. The deal includes keeping zero-tariffs on South Korean exports such as auto parts and automobiles, the ministry said. South Korea will also prepare responses to other possible scenarios including a 'no-deal' Brexit, the ministry added. South Korea will seek approval from its parliament and ratify the trade pact with Britain before Oct. 31, the ministry said. As of 2018, South Korean exports to Britain amounted to about $6.4 billion in 2018, making up 1.05% of the country's total exports, according to data from the Korea International Trade Association.

Source: bd News24 June 10, 2019 02:48 UTC