Korea, China hold 10th round of FTA talks on investment, service
Korean President Park Geun-hye, third from left, and Chinese President Xi Jinping, third from right, watch while Minister of Trade, Industry and Energy Yoon Sang-jick, left, and Chinese Minister of Commerce Gao Hucheung sign a free trade agreement (FTA) between the two countries at the Great Hall of the People in Beijing, Nov. 10, 2014. Yonhap
Seoul and Beijing have resumed their negotiations to expand their existing free trade agreement (FTA) to include the service and investment sectors, Seoul's trade ministry said Thursday.
The talks, the 10th of their kind, began Wednesday in Seoul for a three-day run, according to the Ministry of Trade, Industry and Energy.
Seoul and Beijing implemented their bilateral FTA in December 2015, removing major tariffs on products. They had held nine follow-up meetings covering investment and service areas between 2018 and 2020.
"Amid the weakening multilateral trade system, the importance of bilateral FTAs has been under the spotlight," said Kwon Hye-jin, South Korea's chief negotiator. "The government aims to hold regular follow-up talks with China to maintain the momentum in the negotiation." (Yonhap)