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The UK and South Korea have signed an in principle free trade agreement (FTA) that seeks to maintain existing trade arrangements post-Brexit. International Trade Secretary Liam Fox signed the deal with his South Korean counterpart Yoo Myung-hee in Seoul. The preliminary agreement marks the first post-Brexit trade deal the UK has secured in Asia. The agreement is roughly in line with the terms of the existing Korea-EU FTA. It would cover South Korean exports including cars and auto parts. South Korea exports mostly cars and ships to Britain, while it imports crude oil and cars. The agreement is designed to provide stability under a no-deal Brexit, with the UK due to leave the EU on 31 October, with or without a deal. Full story

10 June