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South Korea's trade promotion agency said Sunday it has reached an initial agreement with Britain to expand the two countries' already-strong partnership.
The Korea Trade-Investment Promotion Agency said its CEO, Kwon Pyung-oh, signed the memorandum of understanding with Britain's International Trade Secretary, Liam Fox, for a strategic partnership in bilateral investments, trade information exchanges, and joint overseas projects.
"Britain is the world's fifth-biggest economy in terms of gross domestic product and is home to startups with advanced technologies. As Britain prepares for its exit from the European Union, it is looking at more collaboration with major trading partners, such as Korea," Kwon said in the statement.
Trade volume between the two countries jumped 64 percent to US$14.4 billion in 2017 from $8.79 billion in 2011. As of 2017, Korean investment in Britain reached $16.79 billion, while Britain's investments in Korea stood at $2.22 billion, it said. (Yonhap)
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