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China can enter into a free trade agreement with South Korea before the end of this year
South Korean Commerce Minister Yoon San Jik (Yoon Sang-jick) confirmed that a bilateral free trade agreement with China could be expected this year, possibly before the APEC summit scheduled for November in Beijing, reports IA Ruskor with reference to Tax-News .
Negotiations on free trade began in May 2012, and the two countries have already agreed to eliminate the tariffs on 90 percent of all goods. Fees for non-sensitive goods can be canceled either immediately or within 10 years, and on sensitive goods within 20 years after the agreement enters into force.
However, certain concerns remain in China regarding the opening of the industrial sector to South Korean imports, and in South Korea they fear the impact of Chinese imports on the agricultural market.
According to the Chinese Ministry of Commerce, total trade between South Korea and China exceeded $ 270 billion in 2013 a year and the two leaders set a goal to reach $ 300 billion in 2015 a year. China is already considered the number one trading partner for South Korea.