S. Korea-UK free trade agreement set for launching this week

South Korea and the UK will kick off their bilateral free trade agreement (FTA) on Jan. 1. to maintain the continuity of trade activities after the latter's departure from the EU.

A separate FTA is necessary as South Korea's existing pact with the EU will no longer be valid for the UK.

South Korea and the UK signed an FTA in 2019 that will be implemented after London formally leaves the EU.

Trade between South Korea and the UK reached US$9.7 billion in 2019, with the former's outbound shipments to the European country estimated at $5.5 billion.

An official from the trade ministry said they expect some difficulties for the time being after the UK's complete departure starting January.

The trade ministry vowed to support South Korean firms exporting goods to the UK to avoid possible confusion.