South Korea agrees deal with UK for post-Brexit trade (FT)
- The UK has reached an agreement with South Korea to implement a free trade agreement (FTA) on broadly the same terms as the existing EU-Korea FTA. However, Britain has not been able to secure tariff-free trade for goods with content from Europe and the UK and will need to obtain South Korea’s consent to maintain existing tariff-free terms for UK goods with significant European components and for UK components in EU exports.
- The UK has now secured agreements accounting for 63 per cent of trade covered by FTAs — a 35 per cent increase from three months ago.
- The UK and South Korea intend to ratify the deal before the scheduled departure date on 31 October. The deal is not a permanent trade deal and would need to be renegotiated within two years.
- In 2017, bilateral trade was worth £13.3bn and has increased on average 12 per cent a year since the signing of the EU-South Korea FTA.
EU to warn business not to expect help over a no-deal Brexit (FT)
- The Financial Times reported, based on a paper it has seen, that the EU is to announce on Wednesday that businesses should “take advantage of the extra time” to make preparations for a no-deal Brexit.
- The EU is to announce that amendments to EU law and other contingency measures would mitigate only “the most serious disruptions” of a no-deal Brexit.
- Such rhetoric from Brussels is expected to increase as several Conservative Party leadership contenders have either expressed support for a no-deal Brexit or would accept departure on such terms if the EU refuses to renegotiate the terms of the deal.