Korea and UK Agree to Strengthen
Economic Cooperation
Deputy Prime Minister Kim Dong Yeon met with UK Trade Minister Liam Fox on October 5, and held talks on maintaining strong bilateral economic cooperation.
The ministers shared the same view on the need to work closely to establish the Korea-UK free trade agreement in order to maintain close trade relationship even after the UK leaves the EU. The two ministers also discussed each country’s interest in joining the CPTPP,[1] and agreed to cooperate closely in the future.
Both sides shared concerns about the spread of protectionism, such as the ongoing trade dispute between the US and China. In this regard, DPM Kim called for strong bilateral cooperation at the G20 to work to prevent protectionism and improve stability in the global financial system.
DPM Kim also asked for support from the UK government regarding the recent improvement in the inter-Korean relations and North’s denuclearization efforts, and Minister Fox responded by promising continued support from the UK.
The government will closely monitor developments from Brexit and maintain strong cooperation with the UK government to be fully prepared for the UK’s exit from the EU.
[1] Comprehensive and Progressive Agreement for Trans-Pacific Partnership
Please refer to the attached PDF
