China-Korea Free Trade Agreement
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E-mail China.org.cn, December 29, 2015
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Chinese Commerce Minister Gao Hucheng (L) shakes hands with his South Korean counterpart Yoon Sang-jick after signing the agreement in Seoul, June 1, 2015. [Xinhua] |
The free trade agreement (FTA) between China and South Korea officially came into force on December 20, 2015. Under the agreement, South Korea will eliminate tariffs on 92 percent of all products from China within 20 years after the implementation, in return for China abolishing tariffs on 91 percent of all South Korean goods.
Negotiations on the FTA were first brought up in September 2004 when trade ministers of the two countries met on the sidelines of the ASEAN-plus-three meeting of economic ministers. The first round of negotiations was launched in May 2012. The two sides signed the FTA agreement in June 2015 after 14 rounds of negotiations.
Trade between China and South Korea has kept rising to US$235.4 billion in 2014 from US$6.4 billion in 1992 when the two countries established diplomatic ties. China has been South Korea's No.1 trading partner since 2004. South Korea has been China's fourth-largest trade partner since the same year
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