In the wake of the U.K.’s vote to leave the European Union, Foreign Minister Yun Byung-se said Friday that he will examine its impact on free trade and other existing pacts and take steps to minimize any fallout.

“Though some experts see that its impact (on Korea) will be limited given our relatively low trade and finance ties with the U.K. such as compared with the U.S., Brexit will significantly affect the global economy and we’re not free from that,” Yun said at a meeting of the parliamentary foreign affairs and unification committee.

The ministry has been studying the referendum’s possible consequences in cooperation with its embassy in London and other state agencies, he noted. With the historic decision, it will now carry out a more in-depth assessment and put in place countermeasures.

On the political front, the minister pointed to worries over a further spread of nationalist sentiment not only within the U.K. but also across the West, citing Scotland’s move for another independence vote among others.

“There are concerns that (Brexit) may bring a chance to turn back the 20-plus-year-long trend toward regional integration and globalization,” Yun said.

“Such political forces are emerging in France, nationalism is growing in central Europe, and in the U.S. the Republican presidential candidate has shown protectionist and isolationist views.”

Though some lawmakers raised questions about Seoul’s North Korea policy following its recent launch of intermediate-range ballistic missiles, Yun reaffirmed his commitment to sanctions and pressures.

The panel’s chair Rep. Shim Jae-kwon, Rep. Won Yoo-chul of the ruling Saenuri Party and other members criticized the sanctions-focused current approach, calling for fresh steps to bring Pyongyang back to the negotiating table such as through a new dialogue mechanism.

“At this point it’s difficult to offer dialogue for not just us but other countries that tried to have talks such as China,” the minister said, referring to the constant provocations and North Korean diplomat Choe Son-hui’s remarks at a recent Beijing conference that the six-party denuclearization forum is “dead.”

“Iran, too, strove to withstand sanctions in the initial period but as time went by it eventually succumbed to international pressure. We need to maintain sanctions and pressure against North Korea until they take effect.”

By Shin Hyon-hee (heeshin@heraldcorp.com)