The Asian nation – the 11th richest country in the world – has launched a push for new ties with the UK as soon as the country has exited the EU, according to the national broadcaster KBS.
The decision to begin the landmark process was made during a meeting of ministers on Friday, chaired by Finance Minister Yoo Il-ho.
Yoo Il-ho warned there may be a “prolonged effect” from Brexit but told ministers negotiations and trade talks with the UK should not be dragged out.
South Korean officials have said despite market uncertainties in the wake of Brexit, the situation has now eased.
The country exported over $7 billion worth of goods to the UK last year which is 1.4 percent of its foreign trade.