S. Korea's parliament ratifies FTA with Britain

S. Korea
# 28 October 2019 18:42 (UTC +04:00)

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, APA reports citing Xinhua.

Under the ratification by the National Assembly, the South Korea-Britain FTA will be immediately implemented after the so-called no-deal Brexit.

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.