UK-Korea trade secured in event of no deal

The current Free Trade Agreement between the EU and Korea will be carried forward if the UK leaves the EU without a deal in place at the end of October, the Government has confirmed.

Even though the UK currently only exports small volumes of pork to Korea, the continuity agreement will present future 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.”

Mr Barker added 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.”

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Editor of LBM titles Pig World and Farm Business and group editor of Agronomist and Arable Farmer. National Pig Association's webmaster. Previously political editor at Farmers Guardian for many years and also worked Farmers Weekly. Occasional farming media pundit. Brought up on a Leicestershire farm, now work from a shed in the garden in Oxfordshire. Big fan of Leicester City and Leicester Tigers. Occasional cricketer.