12th Sep 2019 / By Alistair Driver
The current Free Trade Agreement between the EU and Korea will continue to apply in the UK, if we leave the EU without a deal in place, the Government has confirmed.
The UK currently exports small volumes of pork to Korea, but the continuity agreement will present opportunities as the FTA opens up more access over time, NPA senior policy advisor Ed Barker said.
The agreement, signed by International Trade, Liz Truss and the Korean Minister of Trade, Yoo Myung-Hee, covers total trade, both ways, worth £14.6 billion in 2018.
The agreement will allow businesses to keep trading freely after we leave the EU on October 31, safeguarding British jobs in key sectors including manufacturing, technology and professional services, the Government said.
Trade continuity agreements signed so far now cover countries accounting for £89bn of trade. Mrs Truss: “My priority is to make sure that British businesses are fully prepared for Brexit and ready to trade on Thursday, October 31.”
Ed added: “It is important that we have as many diverse and varied export markets as possible in the future, and this is a good start. Korea is a big pork eating country, especially the 5th quarter, so, long-term, there could be some real value there for the UK pork industry.”