Wednesday, March 26, 2014

Korea-China FTA Likely to be Signed within This Year

25 MARCH 2014
President Park Geun-hye, who visited the Netherlands for the Nuclear Security Summit, met with Chinese President Xi Jinping to talk over the conclusion of the Korea-China FTA within this year. Experts say that her emphasis on the issue reflects her strong will to create a new growth engine for the Korean economy in China’s market of 1.3 billion potential customers. In addition, the two presidents reconfirmed their consensus on the denuclearization of North Korea, promising to work more closely together and to not tolerate nuclear weapons in the North.
At present, Korea and China are in the second round of FTA negotiations surrounding the scope of sensitive items and the degree of tariff cuts. President Park, during her meeting, suggested that the talks be wrapped up so that the deal can be signed before the end of this year. “I believe that an early conclusion of the free trade deal will contribute to the national interests of both countries,” said her Chinese counterpart. 
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