BEIJING (Yonhap) -- South Korea's top economic policymaker said Friday the ongoing free trade negotiations with China should be quickly concluded, as the bilateral free trade pact could help South Korean firms tap deeper into the world's factory.
"There are some sectors such as agriculture and livestock that could be hurt by a free trade pact with China. But these industries could boost their competitiveness and have business opportunities in China as well in the end," Finance Minister Bahk Jae-wan told South Korean correspondents here.
Bahk and other senior government officials visited Beijing to hold talks with their Chinese counterparts to exchange views on global economic conditions, energy policies and other areas of mutual concern.
"Given the size of the bilateral trade volume, it is urgent to conclude the free trade talks," he said.
At the latest meeting in August, South Korea and China made progress in their free trade talks, with both countries agreeing on removing tariffs on products within 10 years after the implementation of their free trade accord.
Both sides also agreed to remove tariffs on so-called sensitive products in 10 years after the deal takes effect. But the two countries will hold more talks later over products to be classified as sensitive items, according to Seoul's trade ministry.
In early May, the two countries announced the launch of formal free trade negotiations, expecting the talks to take two years.
The neighboring countries earlier agreed that the talks on a free trade deal would proceed in two phases, with the handling of critical items and the scope of the trade agreement to be primarily discussed first.