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China and South Korea conclude talks on FTA

by ChemOrbis Editorial Team -
  • 14/11/2014 (11:54)
According to media reports, China and South Korea have concluded substantive negotiations for a bilateral free-trade agreement (FTA). Under the FTA, over 90%of the goods traded between China and South Korea will be subject to zero tariffs, with the good in question accounting for more than 85% of the bilateral trade value between the two countries.

Official talks were initially started in May, 2012. The trade between China and South Korea was valued at $274 billion last year and with the new agreement, the parties target to raise their bilateral trade to $300 billion by 2015. The FTA will cover trade in goods and services as well as investment and trade rules. No specific effective date for the agreement has been set.

China is the biggest trade partner of South Korea and the largest market for South Korea’s exports while South Korea is the third most important trade partner of China and the fifth largest source of China’s foreign investment.
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