South Korea and Britain signed a free trade agreement(FTA) on Thursday, a step towards keeping their current free trade terms intact after the U.K.’s scheduled departure from the European Union(EU) in October.

According to the Ministry of Trade, Industry and Energy on Thursday, Trade Minister Yoo Myung-hee and her British counterpart Elizabeth Truss signed the bilateral FTA and three related documents in London.

Yoo said that the trade deal will promote mutual prosperity of the two nations through open and free trade and allow South Korean firms to continue their business and investment free from Brexit uncertainties.

Truss also said that the deal will enable South Korean and British companies to exchange with one another without additional barriers even after Brexit, and said she expects bilateral trade to increase further.

The U.K. is Seoul's second-largest trading partner among EU member states, with bilateral trade volume reaching 13-point-17 billion dollars last year.