The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
  • Login
  • Register
  • Login
  • Register
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
  • 1

    Chinese hackers attack 12 Korean academic institutions: KISA

  • 3

    Homeless women struggle to find place to spend night

  • 5

    From period to action: different genre series set for February

  • 7

    More than dozen chaebol scions indicted on alleged drug use

  • 9

    Cold wave warnings issued across Korea; Seoul witnesses coldest day

  • 11

    Netmarble debuts virtual girl group MAVE:

  • 13

    Korea's move to cut subsidies on imported EVs faces backlash

  • 15

    ANALYSISChina's reopening to help ease inventory woes

  • 17

    Major Korean banks' overseas branches sanctioned by foreign authorities

  • 19

    People attempt to cut surging heating costs with creative solutions

  • 2

    Koreans stunned by spike in heating costs

  • 4

    Heavy snow hits Seoul, surrounding areas

  • 6

    Chinese hackers threaten to attack S. Korean cybersecurity watchdog

  • 8

    Campaign launched to respect multicultural families, foreign nationals

  • 10

    Why Korea imports so much kimchi from China

  • 12

    Center offers free STI testing to foreign residents of Korea

  • 14

    Cargo ship carrying 22 sinks off Jeju, 14 rescued but 9 unconscious

  • 16

    Lawmaker pushes for bill requiring women to join civil defense training

  • 18

    Seoul subway, bus fares to rise by 300 or 400 won

  • 20

    Yoon calls for adjusting regulatory, labor systems to global standards

Close scrollclosebutton

Close for 24 hours

Open
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
Fri, January 27, 2023 | 15:57
Economy
Korea initials FTA with China
Posted : 2015-02-25 16:58
Updated : 2015-02-25 20:25
Yoon Ja-young
Print PreviewPrint Preview
Font Size UpFont Size Up
Font Size DownFont Size Down
  • facebook
  • twitter
  • kakaolink
  • whatsapp
  • reddit
  • mailto
  • link
Two sides seeking to sign agreement by end of June

By Yoon Ja-young


Korea has initialed a free trade agreement (FTA) with China.

The initialing came three months after the end of FTA negotiations; but the deal still needs approval from the respective legislatures.

The government wants to ratify the pact by the end of this year.

"The two countries agreed to work for the official signing of the pact within the first half of the year," said Deputy Trade Minister Woo Tae-hee, Wednesday.

Following the deal, Korea will eliminate tariffs on 92 percent of imported items from China within the next 20 years. China will scrap tariffs on 91 percent of items imported from Korea, within the same period.

The deal makes Korea the only major economy to sign an FTA with the world's three biggest economies ― the U.S., China and the EU.

The government said the deal would help Korea secure a foothold in a huge market whose GDP had been growing by more than 7 percent a year. Korean goods make up 9.7 percent of China's import market, followed by Japan at 8.3 percent and the U.S. at 7.8 percent.

"Just as China's joining of the World Trade Organization (WTO) turned out to be the best opportunity for Korea's economic development, the Korea-China FTA will become a second such opportunity for us," the Ministry of Trade, Industry and Energy said.

The FTA also includes 310 items made in the inter-Korean Gaesong Industrial Complex (GIC) in North Korea.

They will enjoy a tariff reduction or elimination the same as products "made in Korea" when exported to China. This compares with free trade deals Korea had signed with ASEAN, where only 100 items from the GIC were given such privileges.

The government said that sales of petrochemical, steel, machinery, fashion and consumer electronics products would get more opportunities to grow in the Chinese market.

But much of the automobile industry was excluded from the deal. Korean automobile companies are little affected by the tariff as most make cars in China.

Meanwhile, they had feared that global automakers making cars in Chinese factories would enter the Korean market if tariffs were eliminated.

While the government is trying to highlight the deal's positive side, small- and medium-sized enterprises (SMEs) that have focused on selling goods in the domestic market are expected to get a blow from Chinese competitors, as tariffs were lifted on most of the textiles and daily goods categories.

According to a Korea Small Business Institute report, SMEs making textiles, furniture and other daily goods are expected to suffer. The SMEs want government measures to support them.

Meanwhile, Korea has focused on protecting the agricultural market. Major items, including red pepper, garlic, onion, apple, beef and pork, were excluded from the deal.

The English version of the pact is available at www.fta.go.kr/cn/main.

Emailyjy@koreatimes.co.kr Article ListMore articles by this reporter
 
wooribank
Top 10 Stories
1Koreans stunned by spike in heating costsKoreans stunned by spike in heating costs
2Homeless women struggle to find place to spend night Homeless women struggle to find place to spend night
3People attempt to cut surging heating costs with creative solutions People attempt to cut surging heating costs with creative solutions
4Inflation weighs on households Inflation weighs on households
5Netflix series 'The Glory' draws focus to real school bullying Netflix series 'The Glory' draws focus to real school bullying
6'I was a stock investment addict': psychiatrist seeks to help addicted people through his book 'I was a stock investment addict': psychiatrist seeks to help addicted people through his book
7[INTERVIEW] Partnerships with Korean companies help Delta Air Lines' post-pandemic recovery INTERVIEWPartnerships with Korean companies help Delta Air Lines' post-pandemic recovery
8Korea's GDP shrinks 0.4% in Q4, 1st contraction in 10 quarters Korea's GDP shrinks 0.4% in Q4, 1st contraction in 10 quarters
9Gov't to double subsidies for vulnerable households as energy bills soar Gov't to double subsidies for vulnerable households as energy bills soar
10S. Korea to increase joint air defense exercises following N. Korean drone incursions S. Korea to increase joint air defense exercises following N. Korean drone incursions
Top 5 Entertainment News
1From period to action: different genre series set for FebruaryFrom period to action: different genre series set for February
2Miguel Chevalier's psychedelic digital universe takes audience participation to next level Miguel Chevalier's psychedelic digital universe takes audience participation to next level
3Shunsuke Michieda overwhelmed by Korean fans' support for his coming-of-age film Shunsuke Michieda overwhelmed by Korean fans' support for his coming-of-age film
4Yun Hyong-keun's hanji works come under spotlight in Paris for first timeYun Hyong-keun's hanji works come under spotlight in Paris for first time
5Kim Hyun-joo says humanity is at heart of action film 'Jung_E' Kim Hyun-joo says humanity is at heart of action film 'Jung_E'
DARKROOM
  • Nepal plane crash

    Nepal plane crash

  • Brazil capital uprising

    Brazil capital uprising

  • Happy New Year 2023

    Happy New Year 2023

  • World Cup 2022 Final - Argentina vs France

    World Cup 2022 Final - Argentina vs France

  • World Cup 2022 France vs Morocco

    World Cup 2022 France vs Morocco

wooribank
CEO & Publisher : Oh Young-jin
Digital News Email : webmaster@koreatimes.co.kr
Tel : 02-724-2114
Online newspaper registration No : 서울,아52844
Date of registration : 2020.02.05
Masthead : The Korea Times
Copyright © koreatimes.co.kr. All rights reserved.
  • About Us
  • Introduction
  • History
  • Contact Us
  • Products & Services
  • Subscribe
  • E-paper
  • RSS Service
  • Content Sales
  • Site Map
  • Policy
  • Code of Ethics
  • Ombudsman
  • Privacy Statement
  • Terms of Service
  • Copyright Policy
  • Family Site
  • Hankook Ilbo
  • Dongwha Group