The UK and South Korea have agreed a free trade deal, maintaining existing trade relations in the event of Brexit.
The deal is the first post-Brexit trade deal that the UK has secured in Asia. It will allow Britain to continue to trade with South Korea, even in the event of a no-deal.
In a statement, Dr Fox said: “The value of trade between the UK and Korea has more than doubled since the EU-Korea agreement was applied in 2011. Providing continuity in our trading relationship will allow businesses in the UK and Korea to keep trading without any additional barriers, which will help us further increase trade in the years ahead.
“As we face growing global economic headwinds, our strong trading relationship will be crucial in driving economic growth and supporting jobs throughout the UK and Korea.”
Today 🇬🇧 & 🇰🇷 signed a statement for trade continuity.
Once signed, we’ll have agreements with countries that account for 63% of trade under EU agreements we’re seeking continuity for. Work continues intensively on remaining agreements.
— Department for International Trade (@tradegovuk) June 10, 2019
News of the UK and South Korea agreement will be a welcome development for Theresa May’s government, which is in its last few weeks.
May formally stepped down as leader of the Conservative party last Friday, paving the way for her successor.
Today, all Tory candidates are set to formally launch their leadership campaign.
As it stands, former Foreign Secretary and Mayor of London, Boris Johnson is the frontrunner in the race. Michael Gove and Jeremy Hunt are also considered to be key contenders.