The eleventh round of the China-South Korea Free Trade Zone negotiation and informal consultation conference was held in Qingdao, Shandong Province, from May 7 to 9.

The two delegations held consultations on the cargo trade tariff-reduction plan, service trade and investment and their accomplishments.

China was South Korea’s largest trade partner, export market and source of imports in 2012. At the same time, South Korea is China’s third largest trade partner and the second largest import country.

As South Korea and Qingdao City are geographically adjacent, both sides have a solid basis for cooperation. By the end of 2013, South Korea had launched 11,393 projects in Qingdao with contract and actual foreign capital totaling US$23.6 billion and US$14.9 billion. The import and export volume between Qingdao and South Korea reached US$8.5 billion in 2013.