China, S. Korea wrap up FTA talks

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China and South Korea began FTA talks in May 2012. President Xi Jinping and South Korean President Park Geun-hye confirmed in Beijing last November a substantive conclusion in negotiations.

 

China and South Korea had concluded their free trade agreement talks, the Ministry of Commerce announced on Wednesday.

China and South Korea began FTA talks in May 2012. President Xi Jinping and South Korean President Park Geun-hye confirmed in Beijing last November a substantive conclusion in negotiations.

The agreement will cover 17 areas, including trade in goods and services, investment and trade rules, and topics such as e-commerce and government procurement.

The deal, currently written only in English, will be translated into native languages of the two countries before it is officially signed.

Under the pact, South Korea will eliminate tariffs on 79 percent of all products from China within 10 years after the implementation in return for China removing tariffs on 71 percent of all South Korean products.

South Korea will eliminate tariffs on 92 percent of all goods from China within 20 years after the implementation, while China will abolish tariffs on 91 percent of all South Korean products.

The MOC said in November 2014 that the agreement will be signed in 2015 and take effect in the second half of the year.

 

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