The ministry said such preparations are needed as Britain plans to leave the EU, with looming protectionism and the planned implementation of the economic partnership agreement between Japan and the union also being cited as potential uncertainties for South Korean exporters.

"The government is making efforts to actively respond to the uncertainties from overseas, and minimize damage on our companies," the ministry said.

"To maintain the continuity of trade between Seoul and London, we are preparing to clinch a free trade pact with Britain as well," it added.

The ministry added it will utilize various channels to cope with trade barriers in Europe, and keep watchful eyes on the region's partnership ties with Tokyo as well. (Yonhap)