South Korea and Britain have agreed to closely communicate on London's preparations for its March 29th departure from the European Union(EU) through a hotline.

South Korea's Foreign Ministry said Thursday that officials from the two sides discussed measures to minimize the adverse effects Brexit could have on bilateral economic cooperation, trade and investments on Wednesday in London.

Through the hotline, Seoul and London agreed to discuss emergency programs to cope with the scenario of Britain leaving the EU without a deal on its post-Brexit relationship.

In such case, South Korean firms may no longer enjoy the benefits provided under the trade deal with the European common market when trading with Britain.

Officials from the two sides also agreed to promptly push for signing a separate South Korea-Britain free trade deal if and when Britain is able to independently sign trade deals.

The trade volume between the two countries came to an all-time high of 14-point-four billion U.S. dollars in 2017.