[THE INVESTOR] South Korea will review opening free trade agreement negotiations with the UK, and to work with the European Union to minimize the impact of Brexit, should the decision be finalized.

These and other measures for responding to the fallout from UK’s June 24 referendum were discussed at the meeting of economy-related ministers held on July 8. 

At the meeting, the attending ministers said that the impact of the UK leaving the EU will be analyzed and that the government will work with the EU to minimize the impact.

Regarding possible fluctuations in the international financial markets, concerned ministries said that South Korea will maintain sufficient foreign exchange reserves. The ministries also said that foreign currency exchange stabilization bond denominated in foreign currencies could be issued if necessary.

The government also assessed the international financial markets to have stabilized aided by various governments’ efforts.

However, the government said that Korean markets will continue to be affected by international changes, and that Seoul will cooperate closely with the World Bank, International Monetary Fund and the governments of G20 nations.

By Choi He-suk (cheesuk@heraldcorp.com)