[Photo] S. Korea-UK FTA becomes increasingly urgent after Brexit deal rejected

After the British parliament overwhelmingly rejected Prime Minister Theresa May’s Brexit deal, the UK is posed to leave the EU on Mar. 29 in a “no-deal” Brexit. May’s deal involved instilling a transition period that would until December 2020, during which the UK would maintain its customs union with the EU in limited form. The International Monetary Fund (IMF) has projected that the EU’s GDP will decrease by 1.5-1.6%. The UK’s GDP is expected to drop by as much as 8%. Considering the UK accounts for 1% of South Korea’s exports, a free trade agreement (FTA) between South Korea and the UK has become that much more urgent.