"UK & South Korea Trade Agreement: This means that whatever happens with #Brexit, there will be total continuity in trade between our two countries AND the basis for an ambitious future FTA [free-trade area] when we leave the EU," Fox tweeted.
According to the minister, the accord "will allow British and Korean businesses to keep trading and investing on the same terms as they do today."
On her part, the South Korean foreign minister said that the deal was significant.
The agreement "eased uncertainties sparked by Brexit, amid the already challenging environment for exports on the escalating trade row between Washington and Beijing," Yoo said, as cited by Yonhap News Agency.
The UK political landscape is gradually collapsing as Brexit negotiations remain in a deadlock. UK Prime Theresa May has recently stepped down as the Conservative party's leader after failing to achieve a consensus in parliament and within her own party over the country's withdrawal from the European Union. She will remain a caretaker prime minister until her party elects a new leader in July.