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USA & South Korea Open To Bilateral UK Free Trade Deals

The Chairman of the US House of Representatives Ways and Means Committee, Kevin Brady, and the South Korean Foreign Minister, Yun Byung-se, have said their countries are open to agreeing bilateral free trade agreements (FTAs) with the United Kingdom if it decouples from the European Union.

The United States and the EU are still negotiating the proposed Transatlantic Trade and Investment Partnership (TTIP), but certain elements of regulatory cooperation appear to be providing tricky obstacles to overcome. Brady confirmed that he remains "committed to a strong and ambitious TTIP agreement."

However, following the UK's referendum on EU membership, he also confirmed that "both the UK and the rest of the EU remain valued trading partners. … In this time of uncertainty, we should now begin to discuss a modern, new trade agreement with the UK that not only continues but expands the level of trade between our two nations."

In like manner, during a parliamentary committee meeting, Yun remarked that South Korea is willing to consider a bilateral FTA with the UK in response to it potentially dropping out of the existing EU-South Korean FTA.

He said that a South Korea-UK FTA would be in line with the Government's objective of securing a broad free trade agreement network, even though the current level of trade between the two countries is "relatively small."

- See more at: http://www.tax-news.com/news/US_S_Korea_Open_To_Bilateral_UK_Free_Trade_Deals____71553.html#sthash.olLkUIuP.dpuf

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