South Korea lined up for MAJOR Brexit trade deal – as Davis warns EU set to SUFFER

Posted on Jan 29 2018 - 11:39pm by admin

Theresa May’s Brexit Secretary said the Asian economic superpower would be “one of” the first countries aiming at securing a deal with Britain. 

He told the EU Select Committee in Parliament he expected countries across the globe would want to negotiate big new trade deals after Britain leaves the bloc. 

And he warned his Brussels rivals countries throughout the world would also seek to renegotiate its deals with the EU after the bloc loses Britain’s economic might. 

He hinted more and more countries could seek better terms with the EU – to the detriment of Brussles – due to Brexit. 

Mr Davis said: “In the case of the big ones, South Korea would be one of them.

“We would normally expect them to want to do a degree of renegotiation both in terms of our own market access – but also in terms of access to them.”

Last year an economist said South Korea would like to secure a “quick deal” with Britain after Brexit. 

Simon Hix professor at the London School of Economics said the East Asian state is keen to forge a new trading relationship. 

He said: “Yes it is in their interest to do a quick deal. 

“The volume of trade between the UK and South Korea is around £9billion a year, it’s one of our largest trading relationships and equally it’s one of the largest trading relationships. 

“They would like to have continuity in their trade.” 

Mr Davis’ message could be seen as a thinly-veiled threat to Brussels about the economic cost of Brexit for the bloc. 

And it comes after the EU outlined a list of demands which ministers say the UK must agree to in order to secure a Brexit transition deal.

The long list of orders – which took ministers just two minutes to approve – includes the requirement that Britain must continue to allow the free movement of people during the transition, accept the authority of the European Court of Justice (ECJ) and take on new rules passed by the bloc.

And although UK representatives may be invited to sit in on and observe some EU meetings, they will not be able to vote.

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