Breaking news

South Korea want a speedy trade deal with Brexit Britain - but there's a catch

Shortly after Britain’s historic decision to leave the European Union was announced, South Korea was quick to ensure ties with the UK continued after Brexit. 

South Korea wants a speedy trade deal with the UK after Brexit, but are likely to demand more than the UK’s current deal, which was completed by the EU. 

Speaking on the Today programme, Simon Hix professor at the London School of Economics said the East Asian state is keen to forge a new trading relationship. 

He said: “Yes it is in their interest to do a quick deal. 

Theresa May, Jean Claude Juncker, Simon HixGETTY•LSEBrexit news: Simon Hix claimed South Korea wants a post-Brexit deal with the UK

“The volume of trade between the UK and South Korea is around £9billion a year, it’s one of our largest trading relationships and equally it’s one of the largest trading relationships. 

“They would like to have continuity in their trade.” 

Mr Hix argued that South Korea would want to try to get a better deal with the UK after feeling like they had to make a number of concessions to secure a deal with the European Union. 

He said: “The main stumbling block is that the deal that South Korea did with the EU that entered into force in 2011, of course, the EU is a much larger economy than South Korea, it is about six times larger than South Korea. 

Related articles
Fox reveals no countries increasing barriers against Brexit Britain
Brexit latest: Trade Bill to ‘cement UK as global player’

Yes it is in their interest to do a quick deal

Simon Hix

“So the Korean’s feel that they had to give in quite a lot to get that deal with the EU and they look at the UK and they say ‘the UK is a lot more similar size to us, so we would expect a better deal than the one the EU extracted from us’.

“It’s a sort of trade-off. On the one hand, South Korea has an interest to say that they want to continue with the current level of trade they have, and so, therefore, they don’t want any disruption. 

“But on the other hand, they are

read more.....

Get the latest news delivered to your inbox

Follow us on social media networks

PREV Kosta Barbarouses seals a dramatic late win for Melbourne Victory over Perth ... mogaznewsen
NEXT RT @WenleiMa: Every* movie you'll want to see this year. @newscomauHQ (*well, ...