South Korea & China agree to fast-track phase-two FTA talks

Trade chiefs of South Korea and China have agreed to accelerate follow-up negotiations for the second phase of their bilateral free trade agreement.

The discussions took place in Beijing between South Korea’s Trade Minister Yeo Han-koo and China’s Commerce Minister Li Chenggang, according to Seoul’s Ministry of Trade, Industry and Resources as quoted by local media.

Both sides reviewed the progress made since the first phase of the FTA and assessed outstanding differences. The initial phase of the agreement, which came into force in December 2015, eliminated tariffs on a wide range of goods while allowing only limited opening of services and investment markets. Although the two countries had pledged to begin follow-up talks within two years.

To narrow remaining gaps, the two sides agreed to hold regular in-person meetings involving all relevant government agencies from next year. They also decided to convene an additional ministerial-level trade meeting in the first half of next year to directly review progress.

ALCHEMPro News Desk (HU)