South Korea becomes 7TH country to agree to strike new trade links with UK after Brexit

South Korea grew to become the seventh nation to comply with strike new commerce hyperlinks with Britain after Brexit. 

Officers from the 2 nations have created a brand new working group that can meet 4 instances a yr to debate tearing down commerce boundaries between the 2 economies.

It should assist Britain turn into the 'hub of worldwide commerce,' the Worldwide Commerce Secretary Liam Fox pledged at this time.

Worldwide Commerce Secretary Liam Fox, pictured left alongside former Chancellor George Osborne on the Andrew Marr present at this time, stated the brand new commerce hyperlinks with South Korea will assist Britain turn into the 'hub of worldwide commerce'

Commerce between Britain and South Korea, the world's eleventh largest economic system, is at present value £11billion. 

However the Authorities can't strike new commerce offers whereas it stays a member of the EU. 

With Theresa Could set to set off the two-year course of for chopping ties with Brussels by the top of March, Britain is about to be free to agree new commerce offers from spring 2019. 

However it depends upon the character of the deal Britain retains with the EU and if we stay a member of Europe's single market or customs union, our commerce offers will nonetheless be managed by Brussels.  

Commerce between Britain and South Korea, the house of Samsung and the world's eleventh largest economic system, is at present value £11billion

South Korea, the eleventh largest economic system on the planet, follows Australia, China, India, New Zealand, Norway and the six members of the Gulf Cooperation Council to agree Britain as soon as it leaves the EU. 

Donald Trump's new commerce secretary has additionally promised to make a commerce deal between the US and the UK certainly one of his high priorities. 

Billionaire Wilbur Ross, who has executed many offers with British enterprise over time, is claimed to need to strengthen the 'particular relationship'. 

The brand new working group with South Korea will concentrate on 'tackling boundaries to market entry, commerce and funding and wider international commerce points'. 

Dr Fox wrote within the Telegraph: 'We need to reap the benefits of all of the alternatives accessible to us, to make sure that Britain turns into a worldwide chief in free commerce.'

Britain may replicate Turkey's relationship with the EU and stay a partial member of Europe's customs union after Brexit, Worldwide Commerce Secretary Dr Liam Fox signalled at this time as he appeared on BBC One's Andrew Marr Present, pictured 

In a TV interview at this time he stated Britain may replicate Turkey's relationship with the EU and stay a partial member of Europe's customs union after Brexit. 

He insisted Britain's departure from the EU was not like a 'boiled egg' and there have been extra choices than going for both a 'laborious' or 'smooth' Brexit.

Remaining a full member of the customs union would imply the UK may preserve the identical worldwide tariffs on items and providers as the remainder of the EU. 

However it might hamper Britain's capacity to agree new commerce offers with non-EU nations. 

Dr Fox was understood to be one of many Cupboard ministers pushing for a 'laborious' Brexit however at this time's feedback suggests he's keen to compromise together with his pro-EU colleagues.

He additionally warned that Britain's exit from the EU is not going to be 'fast' in one other sign from authorities ministers that Brexit may take longer than two years to ship.  

Dr Fox, pictured on at this time's Andrew Marr Present, was understood to be one of many Cupboard ministers pushing for a 'laborious' Brexit however at this time's feedback suggests he's keen to compromise together with his pro-EU colleagues

Dr Fox informed BBC's Andrew Marr Present: 'We need to have a look at all of the various things, it is not binary.

'I hear folks speaking about laborious Brexit and smooth Brexit as if it is a boiled egg we're speaking about, it is a bit extra complicated. So, Turkey, for instance, is in a part of the Customs Union, however not different components.'

The Cupboard minister refused to be drawn when requested if he may help staying within the customs union, saying: 'I am going to argue my case inside Cupboard.'

Dr Fox added: 'The Authorities will come to a collective view on this as soon as we have now checked out all the problems.

'We will not go for a fast consequence, we have now to get the fitting consequence. And no matter consequence we do come to, we have now to have the ability to put in entrance of the British folks the reasoning for coming to that consequence.'

 

Tweet