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China, S. Korea sign bilateral FTA

by ChemOrbis Editorial Team -
  • 15/06/2015 (10:57)
According to media reports, China and South Korea have signed a free trade agreement which will see South Korea eliminate tariffs on 92% of all Chinese goods within 20 years while China will eliminate duties on around 91% of South Korean goods. The parties had begun initial negotiations on the FTA in May 2012. The agreement will come into force following the approval of both parties’ parliaments.

The agreement also specifies that a total of 310 products manufactured in the Kaesong Industrial Complex, which is an industrial park and duty-free trade facility established as a joint venture between the North and South Korean governments in North Korea’s border town of Kaesong, will be subjected to preferential tariffs.

In 2014, trade between China and South Korea reached $235.4 billion (€214.2 billion), according to data from the Korea International Trade Association (KITA).
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