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8 Jul, 2016 15:14

South Korea to seek free trade agreement with UK after Brexit

South Korea to seek free trade agreement with UK after Brexit

The government of South Korea will push for a free trade agreement with the UK after Britain leaves the European Union, according to the national broadcaster KBS.

The decision was made during Friday’s meeting of ministers chaired by Finance Minister Yoo Il-ho, the broadcaster reported.

It also said the “government will maintain a stable level of foreign exchange reserves to prepare against financial jitters and make preparations to issue foreign exchange equalization bonds depending on the market situation.”

Financial market uncertainties emerged in the wake of the Brexit vote but South Korean officials say the situation has eased since then due to “response measures taken by major economies.”

However, they warn of possible escalating market repercussions depending on future developments should economic conditions deteriorate in the UK, reports KBS.

READ MORE: Brexit opens door for stronger Russia-UK trade ties

South Korea exported over $7 billion worth of goods to the UK last year which is 1.4 percent of the country's foreign trade.

As part of a national strategy for economic development, Seoul has earlier signed free trade agreements with a number of countries, including the US, China and the European Union.