The United Kingdom and South Korea signed an agreement in August to maintain trade ties and continue trading with a new “continuity agreement” giving businesses much needed certainty ahead of Brexit.
The new trade agreement will protect almost £15bn of annual trade between both countries, and provide an aligned trade agreement that is almost the same as the one that is currently in place with the European Union.
This follows a preliminary deal that was signed back in June after Britain’s discussions on trade with several countries and marks the first trade agreement signed with an Asian country prior to Brexit.
The UK and South Korea deal will protect jobs, support existing supply chains and create new opportunities after Brexit as the two countries adjust to a new trading relationship.
With protectionism and anti-globalist sentiments running high, it’s becoming increasingly important for Britain to project itself as a partner that supports global markets and free trade as it forges ahead with new, comprehensive trade deals and bilateral agreements.