China, S. Korea to wrap up FTA talks by end of 2014
0 Comment(s)
Print
E-mail Cntv, July 6, 2014
China and South Korea have witnessed rapid development in economic and trade cooperation. Trade between the two countries surpassed 270 billion US dollars in 2013.
Addressing a forum on bilateral economic and trade cooperation in Seoul on Friday, President Xi Jinping encouraged more South Korean businesses to expand investment in China, and pushed to establish a bilateral free trade area as soon as possible.
China and South Korea’s trade ties will probably expand later this year.
That’s after Chinese President Xi Jinping wrapped up his first state visit to South Korea Friday.
He met with several high-level South Korean officials-- including President Park Geun-Hye. They discussed boosting cooperation in the service, material and energy industries. Both leaders are pushing to wrap up Sino-South Korea free trade talks by the end of 2014.
"Free trade between the two countries will push bilateral economic and trade cooperation to a higher and newer level, which will better benefit the people of the two countries. China pays high regard to this, and hopes the two sides, with prompt and constructive attitudes, speed up work, coordinate the interests from all sides and try to reach consensus by the end of the year." Xi Jinping said.
"I think both countries should expand breaking into each other’s domestic markets and establish the stable trade environment through the South Korea-China FTA. The Chinese domestic market’s development will be a good change for companies of the two countries." Park Geun-Hye, South Korean President said.
The two leaders also agreed on setting up a direct won-renminbi trading platform. And they didn’t waste any time putting it in place.
China’s fifth biggest lender the Bank of Communications has been appointed the reminbi clearing bank in Seoul. It’s the third city in as many weeks to have a bank chosen to handle transactions in the Chinese currency. London and Frankfurt were the first 2.
To boost financial transactions in the Chinese currency, South Korea was also granted an 80 billion RMB yuan quota for domestic investors to buy stocks in China.
Go to Forum >>0 Comment(s)