Assembly Committee Ratifies S. Korea-UK FTA
Write: 2019-10-21 16:54:52 / Update: 2019-10-22 09:29:53
The National Assembly's Foreign Affairs Committee has unanimously approved a motion to ratify the South Korea-U.K. free trade agreement(FTA).
Committee chair Yoon Sang-hyun declared the approval of the ratification motion in a plenary session on Monday, saying that sufficient deliberations were held at the subcommittee level.
The Korea-Britain FTA calls for maintaining bilateral trade benefits even in a no-deal Brexit situation.
The Seoul government believes that South Korean firms will become more competitive in the British market than their Chinese and Japanese rivals whose countries do not have an FTA with the United Kingdom.
Following the U.K.'s decision to leave the European Union(EU) in 2016, Seoul and London have pushed for free trade talks to prevent a break-off in their trade ties.
The two sides reached an agreement in June and formally signed the deal in August. The FTA will take effect upon London's pending divorce from the EU.