UK-Korean trade was worth £14.6bn in 2018, up by an average of 12% per year since the EU-Korea Free Trade pact was signed in 2011.
The UK has signed a free trade agreement (FTA) in principle with South Korea that will ensure businesses from both countries can continue trading freely after Brexit.
International Trade Secretary Liam Fox signed the joint statement in Seoul with Korean minister of trade Yoo Myung-hee on Monday.
The in-principle agreement aims to maintain stability after Britain leaves the European Union – even in a no-deal scenario – and means businesses will be able to carry on trading on preferential terms with South Korea.
The agreement will be formally signed once it has been subject to formal checks.
“This means that whatever happens with Brexit, there will be total continuity in trade between our two countries AND the basis for an ambitious future FTA when we leave the EU,” Dr Fox tweeted.
