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While the COVID-19 pandemic has undoubtedly taken centre stage around the world over the past few months, in the UK, Brexit is still very much going ahead, whether businesses are truly prepared or not.
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South Korea and Britain have agreed in principle to sign a separate free trade deal ahead of Britain’s exit from the European Union in late October, South Korea’s trade ministry said on Monday.
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Originally set for March, Brexit has been delayed by three months after the United Kingdom’s parliament overwhelming voted for an extension rather than attempting to leave the EU without a solid plan.
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As the likelihood of the UK crashing out of the European Union without a deal increases, Asian companies, especially those with business interests in one or both the places, remain on their toes. Lawyers are, however, around to guide them through the uncertainty and volatility that Brexit could bring.
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Anglo-Australian law firm Herbert Smith Freehills has reregistered its Korea practice as Australian in anticipation of Brexit disqualifying UK firms from the EU-South Korea free trade agreement.
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Britain's shock vote to leave the European Union chilled deal making activity involving British companies to the lowest level in at least two decades as bosses grapple with what Brexit will cost, Thomson Reuters data shows.
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UK law firms have entered the South Korean market on the back of a free trade agreement that that country signed with the European Union in 2011. But despite the uncertainty brought by Brexit, firms say they are committed for the long haul
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As the reality of Britain's vote to exit the European Union sank in, international law firms began sending out emails, warning actual and potential clients of issues that could arise due to "Brexit."