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.
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.
- Top British General Warns of Nuclear War With Russia; “The End of Life as We Know It”
- Clinton Devastation! Wikileaks Julian Assange Trolls the World
- EU Humiliated as 98% of Hungary Votes Against Immigration in Referendum
- George Soros Plotting "October Surprise" to Destroy Trump
- No Brexit Deal Without Free Movement of Workers - Verhofstadt