South Korea will speed up efforts to conclude a free trade agreement(FTA) with Britain as the risk of the European country leaving the EU without a deal on Brexit has increased. 

The Ministry of Trade, Industry and Energy said on Wednesday it plans to swiftly conclude the trade deal in order to minimize damage to South Korean exporters and businesses operating in Britain after Brexit. 

The British House of Commons on Tuesday voted 432 to 202 against Prime Minister Theresa May's plan for taking Britain out of the EU. 

If Britain should leave the EU with no deal by March 29th, it's feared to have a significant impact on tariff benefits South Korea has enjoyed under its FTA with the EU.

South Korea posted a record high trade volume with Britain at 14-point-four billion dollars in 2017, thanks to tariff benefits under the FTA with the EU. 

The trade ministry plans to hold a director-level meeting with Britain in London on January 30th and 31st to discuss concluding the bilateral trade deal.