SEOUL, KOREA - A free trade agreement between Korea and China has finally been made after 30 months of negotiations. Korean President Park Geun-hye, currently visiting Beijing for the Asia-Pacific Economic Cooperation Summit, held a one-on-one meeting with the Chinese counterpart Xi Jinping in the morning of November 10 at the Great Hall of the People and declared that the two parties had reached a de facto settlement for the agreement.
Cheongwadae (Presidential Palace) spokesperson Min Kyung-wook said, "The two summits will hold an FTA signing ceremony after the meeting." Earlier on the same day, Korean Minister of Trade, Industry and Energy Yoon Sang-jick met Chinese Commerce Minister Gao Hucheng at 7 am to finalize the agreement's terms, including the extent of market opening for some sensitive items such as farm and fishery goods and manufacturing goods and rules on country of origin.
With this achievement, Korea could sign an FTA deal with the world's largest economic block following pacts with the United States and the EU after 30 months of talks since the first meeting in May 2012. In particular, it remains to be seen whether the new deal may unlock the gigantic consumer market with 1.3 billion population, giving a new impetus to Korean exporters and stimulating the sagging domestic economy.
Article provided by The Korea Economic Daily
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