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Trade ministry to thoroughly prepare for Brexit uncertainties

South Korea's trade ministry said Wednesday it will thoroughly prepare for the anticipated departure of Britain from the European Union to minimize potential negative impacts on local exporters.

The Ministry of Industry, Trade, and Energy hosted a seminar on the outlook of the European market to discuss ways to better prepare for Europe-related risks throughout 2019.


The ministry said such preparations are needed as Britain plans to leave the EU, with looming protectionism and the planned implementation of the economic partnership agreement between Japan and the union also being cited as potential uncertainties for South Korean exporters.

"The government is making efforts to actively respond to the uncertainties from overseas, and minimize damage on our companies," the ministry said.

"To maintain the continuity of trade between Seoul and London, we are preparing to clinch a free trade pact with Britain as well," it added.

The ministry added it will utilize various channels to cope with trade barriers in Europe, and keep watchful eyes on the region's partnership ties with Tokyo as well. (Yonhap)