labels: trade
China, South Korea to study feasibility of free tradenews
18 November 2006

Mumbai: China and South Korea are exploring ways of establishing a free-trade area (FTA). The two countries will start deliberations at the official level early next year. The agreement was reached at a meeting between China''s minister of commerce Bo Xilai and his South Korean counterpart Kim Hyun Chong.

South Korea is China''s sixth largest trading partner, while China is South Korea''s largest trading partner. Bilateral trade stood at $111.9 billion in 2005. South Korea is also China''s fourth largest source of foreign investment, having invested $33.6 billion in the country till September this year.

China is currently holding FTA talks with Singapore, Australia, New Zealand and Pakistan as well as the Association of Southeast Asian Nations (ASEAN).

The feasibility study will analyse macro-economic implications of an FTA for the two economies, as well as the impact of trade liberalisation on industries, the arrangements for sensitive products and industries, among others.

 

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China, South Korea to study feasibility of free trade