(VOVWORLD) - South Korea's trade promotion agency said Sunday it has reached an initial agreement with Britain to expand the two countries' partnership.
The Korea Trade-Investment Promotion Agency (KOTRA) said its CEO, Kwon Pyung-oh, signed the memorandum of understanding (MOU) with Britain's International Trade Secretary, Liam Fox, for a strategic partnership in bilateral investment, trade information exchanges, and joint overseas projects. Mr. Kwon said in the statement that Britain is the world's fifth-biggest economy in terms of gross domestic product and is home to startups with advanced technologies. As Britain prepares for its exit from the European Union, it is looking at more collaboration with major trading partners, such as Korea.
South Korea and Britain have agreed to cooperate on a bilateral free trade deal in order to maintain their strong economic ties even after London exits the European Union.