South Korea's parliament ratifies FTA with BritainChristian Fernsby ▼ | October 28, 2019
South Korea's parliament on Monday ratified the free trade agreement (FTA) with Britain in a bid to prepare for the European country's exit from the European Union (EU), according to Seoul's trade ministry.
Asia South Korea parliament
Topics: South Korea Britain UK
In case of a deal Brexit, the bilateral FTA will take effect after a transition period.
The Ministry of Trade, Industry and Energy said in a statement that the ratification was part of efforts to preemptively respond to more complicated trade environments.
The Seoul-London FTA was focused on maintaining benefits from the South Korea-EU FTA that came into force in July 2011.
Britain is the 18th biggest trading partner for South Korea, taking up less than 2 percent of Seoul's total trade. ■