Ministry of Foreign Affairs Holds Brexit Response TF Meeting... "Striving to Minimize Inconvenience for Citizens and Businesses"

Sharing Updates on UK-EU Future Relations Negotiations and Reviewing South Korea's Response Measures

[Image source=Yonhap News]

[Asia Economy Reporter Lim Cheol-young] On the 15th, the Ministry of Foreign Affairs held a joint public-private Brexit (the United Kingdom's withdrawal from the European Union) response task force (TF) meeting chaired by Lee Seong-ho, Director-General for Economic Diplomacy Coordination. The meeting shared recent trends in the future relationship negotiations between the United Kingdom and the European Union (EU), reviewed Korea's measures in preparation for the end of the transition period, and examined difficulties faced by companies. On the 13th local time, the UK and the EU agreed to continue negotiations on their future relationship.

The meeting was attended by related ministries and agencies including the Ministry of Foreign Affairs, Ministry of Trade, Industry and Energy, Korea Trade-Investment Promotion Agency, Korea International Trade Association, and Korea Chamber of Commerce and Industry to ensure organic consultation between the government and the private sector. The Ministry of Foreign Affairs established the Brexit response TF on June 29, 2016, and has been sharing negotiation trends between the UK and the EU with related ministries and agencies, while discussing response measures in various fields such as diplomacy, economy, and treaties related to Brexit.

The Ministry of Foreign Affairs shared and reviewed Korea-UK bilateral response measures for the future-oriented and sustainable development of friendly cooperative relations after Brexit through the 5th Korea-UK Foreign Ministers Strategic Dialogue on September 29 and the Korea-UK Vice Minister-level video conference on November 10. This Brexit response TF meeting was held to conduct a more in-depth review of the Korean government and institutions' Brexit response status in order to minimize uncertainties related to Brexit ahead of the end of the transition period.

In his opening remarks, Director-General Lee stated, "Through the Korea-UK Free Trade Agreement (FTA), we have secured continuity and stability in trade between Korea and the UK. In addition, we have established institutional frameworks to strengthen political and economic cooperation between Korea and the UK, such as adopting the Korea-UK Joint Statement and establishing the Korea-UK Vice Minister-level High-level Economic Dialogue." He added, "Going forward, through close cooperation with the UK and the EU, we will promote the continuous development of trade and investment relations between Korea and the UK and minimize inconveniences for our nationals and companies in the UK and Europe."

Following this, the meeting listened to the difficulties faced by Korean companies due to Brexit and reviewed the Korean government's measures to minimize legal and economic gaps caused by Brexit.

Meanwhile, the Ministry of Foreign Affairs plans to hold an EU Economic Counselor meeting on the 17th to share the current status and measures regarding Brexit and discuss future response directions. Following this Brexit response meeting, based on a smooth cooperation system between the headquarters and European regional missions including the Embassy to the EU and the Embassy to the UK, the Ministry will actively prepare for the end of the transition period.

This content was produced with the assistance of AI translation services.