Korea to hold hearing on FTA with Britain

By Yonhap
  • Published : Nov 20, 2018 - 11:27
  • Updated : Nov 20, 2018 - 11:27

South Korea's trade ministry said Tuesday it will hold a public hearing to gather opinions on a free trade agreement with Britain following that country's exit from the European Union.

Seoul signed a free trade agreement with the EU in 2011, but it has sought to strike a fresh deal with Britain once it formally leaves the 28-nation bloc in March 2019.

British Prime Minister Theresa May delivers a keynote speech at the annual conference of the Confederation of British Industry (CBI) in London, Britain, on Nov. 19, 2018. Theresa May on Monday enlisted British business leaders to back her much-criticized Brexit deal, insisting that she would not make any change to the draft divorce agreement between London and Brussels. (Yonhap)

Policymakers, experts and industry officials will take part in the hearing at the Convention and Exhibition Center in southern Seoul on Wednesday to discuss the potential impact from the bilateral trade pact with Britain, the Ministry of Trade, Industry and Energy said. 

The ministry said the bilateral pact would provide a new trade mechanism in the post-Brexit world and open new opportunities in the major market.

Britain is South Korea's second-largest trading partner in Europe, with the bilateral trade volume having increased from $8.79 billion in 2011 to $13.52 billion in 2015, according to the government data.

South Korea's auto industry has benefited most from the implementation of the FTA with the EU, while Britain's exports of crude oil, vehicles and cosmetics have greatly increased over the past seven years. (Yonhap)