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Finance Minister Yoo Il-ho said South Korea will pursue a post-Brexit trade deal with the UK

The Asian nation - the 11th richest country in the world - has launched a push for new ties with the UK as soon as the country has exited the EU, according to the national broadcaster KBS. The decision to begin the landmark process was made during a meeting of ministers on Friday, chaired by Finance Minister Yoo Il-ho. Yoo Il-ho warned there may be a "prolonged effect" from Brexit but told ministers negotiations and trade talks with the UK should not be dragged out. South Korean officials have said despite market uncertainties in the wake of Brexit, the situation has now eased. The country exported over $7 billion worth of goods to the UK last year which is 1.4 percent of its foreign trade.

Getty Images Trade deals will be made with the UK, many other countries have confirmed


Despite worry of possible escalating market repercussions if there was any deterioration in the UK economy, the Government is keen to move fast and secure ties with Britain. Seoul has previously signed large free trade agreements with a number of countries, including the US and China. And South Korea is not the only nation scrambling to secure trade links with the UK. George Osborne has been working to arrange trade trips to major global players, including China, to remind them of the importance of trading with Britain. And trade talks have already begun in India.


Business Secretary Sajid Javid is visiting the country for the first trade talks since Britain voted to leave the European Union. Mr Javid has met Indian government officials in Delhi to discuss how the trading relationship might work after Brexit. After the talks he said he was confident the relationship would get "stronger and stronger". Total trade between the two countries was at an estimated £16.55bn last year.

Getty Images George Osborne is focusing on securing trade deals outside of the European Union

Getty Images South Korean ministers agreed to begin reviewing trade deals with the UK

David Cameron promotes trade in India

Politicians in New Zealand and Australia said they may team up for a joint trade deal with Britain while the USA has been urged by US House of Representatives Speaker Paul Ryan to start negotiations and "show solidarity" with Britain.Canadian Prime Minister Justin Trudeau said he will push to keep trade ties with Britain after Brexit and the World Trade Organisation also confirmed it was prepared to talk.

Getty Images Business Secretary Sajid Javid is visiting India for the first trade talks since Britain voted