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China and Korea signed a free trade agreement
Chinese President Xi Jinping and President of the Republic of Korea Park Geun-hye on November 10 signed an agreement on the main issues of a free trade zone, Xinhua news agency reported. This document is the result of negotiations that started in May 2012.
After the meeting, in the presence of the leaders of the two countries, the Minister of Commerce of China, Gao Hucheng, and the Minister of Commerce, Industry and Resources of South Korea, Yoon San Chik, on behalf of their countries signed the protocol of the meeting on the completion of negotiations. In accordance with the agreement, countries waive import duties on 90% of products in the framework of bilateral trade.
In 2013, the foreign trade turnover of China and South Korea rose to $ 270 billion, which is almost 50 times the figure for 1992, when the two countries established diplomatic relations. Celestial is the main trading partner of South Korea, its share is 21% of South Korean foreign trade.