The UK has signed a continuity trade agreement with South Korea, which will allow businesses to continue to trade freely post-Brexit.
The two countries had agreed on a preliminary deal in June, which was the first continuity agreement that had been secured in Asia.
Liz Truss, International Trade Secretary, signed the agreement with Yoo Myung-Hee, the South Korean Minister for Trade in London, in a deal that is similar to the current agreement between Korea and the European Union (EU).
Trade between the two countries was worth £14.6 billion in 2018, with South Korea importing goods such as crude oil, cars and whisky from the UK.
South Korea is a global leader in steel, electronics and the automotive sector, with exports to the UK, made up mostly of cars and ships, reaching £5.2 billion last year.
The UK has actively been seeking to tie-up trade deals with partners ahead of leaving the EU on 31 October 2019 and has signed 13 continuity agreements with a total of 38 countries, including Norway, Colombia and Chile.
The UK is looking to agree continuity deals for existing EU free trade agreements that cover around 70 countries.
Liz Truss, International Trade Secretary, said: “My priority is to make sure that British businesses are fully prepared for Brexit and ready to trade on Thursday 31 October.
“The agreement will allow firms to keep trading as they do today, and they will be able to take advantage of the opportunities that Brexit offers.”
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