Vice Finance Minister Choi Sang-mok said Thursday that Britain's decision to leave the European Union will have a limited impact on the South Korean economy.

During a meeting with officials of small and mid-sized South Korean exporters to the UK held in Ansan, Gyeonggi Province, the vice minister said the Brexit fallout appears to be easing thanks to response measures taken by major economies.

But he noted that global financial volatility continues and repercussions on the world economy remain fluid depending on how the Brexit negotiations pan out.

Choi promised government support in swiftly providing trade insurance and discovering new trade channels in order to minimize any damage South Korean firms may suffer from Brexit.