1. On December 18, the Ministry of Foreign Affairs hosted an interagency meeting on ways to respond to Brexit. In the meeting chaired by Deputy Foreign Minister for Economic Affairs Yun Kang-hyeon and joined by Ambassador of the United Kingdom of Great Britain and Northern Ireland to the Republic of Korea Simon Smith, the officials exchanged views on recent developments regarding Brexit and ways that the ROK could respond to it.

° The interagency meeting brought together officials of the European Affairs Bureau, the International Legal Affairs Bureau and other relevant bureaus of the Foreign Ministry; the Ministry of Trade, Industry and Energy; the Ministry of Economy and Finance; the Ministry of Science and ICT; and the Fair Trade Commission.

※ The Foreign Ministry, through its taskforce on Brexit created on June 29, 2016, has discussed ways for the ROK to respond to Brexit across the board, including diplomacy, economy and treaty-related matters. It is hosting interagency consultations in 2018 to review comprehensive ways for coping with Brexit.

2. In the meeting, the officials learned about recent Brexit-related developments in the wake of the final Brexit agreement reached by the UK and the EU on November 25 -- the decision made on December 10 by the House of Commons to delay its Brexit vote and the outcome of the EU summit on December 13 and 14 -- and the UK government’s position in that regard; and reviewed the measures the relevant government agencies of the ROK had taken and were taking to brace for Brexit.

3. UK Ambassador to the ROK Simon Smith mentioned that despite the uncertainty surrounding Brexit, it was the UK’s top priority to ceaselessly maintain the economic and trade ties with the ROK, voicing hope that the two countries would consult closely to seek further advances in the bilateral relations after Brexit.

° The UK Ambassador added that the UK House of Commons would vote in the week of January 14, 2019, for the approval of the Brexit agreement and that the UK would continue sharing with the ROK the Brexit-related developments in the UK.

4. The ROK side exchanged views with the UK Ambassador on the future direction of Brexit-related developments and the possibility of “No Deal Brexit” happening. The two sides also discussed ways the two countries can work together to minimize the legal and economic vacuums that could be created by Brexit, such as revising the existing ROK-EU treaties and seeking an ROK-UK FTA.

5. Bracing for the UK's withdrawal from the EU in 2019 (March 30, 2019, KST), the Foreign Ministry will continue holding interagency meetings to review how the ROK is responding to it. In addition, the Ministry, in close consultations with the UK and the EU, will ready itself to take measures as necessary and in sync with the UK’s withdrawal process from the EU.

* unofficial translation