11.06.2019 (The Chosun Ilbo) - Korea has in principle signed off on a free trade agreement with the U.K. in case the island country crashes out of the EU without a deal.

That means Korean companies will be able to keep shipping their main exports to the U.K. without tariffs on the same terms as the Korea-EU FTA, which took effect in 2011.

This agreement was reached during a meeting in Seoul on Monday between Korea's chief trade negotiator Yoo Myung-hee and Britain's International Trade Secretary Liam Fox.

If the U.K. crashes out of the union on Oct. 31, the new FTA is expected to take effect the following day assuming the National Assembly ratifies it in time.

But amid the massive shambles in the U.K. government, which is looking for a new prime minister, Seoul is preparing for other scenarios as well as possible delays as Britain wrangles another extension.