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China, south korea complete first-stage fta talks

China, south korea complete first-stage fta talks Source: www.chinatexnet.com
Date: 13-09-2013
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China and South Korea have completed talks for the proposed Sino-ROK free trade agreement (FTA), at the seventh round of negotiations held in Wei Fang, Shan Dong Province earlier this month, a statement from China’s Ministry of Commerce said.
 
The Sino-ROK FTA talks are to be completed in two stages. In the first stage, the two parties reached consensus on trade in goods, agreements scope, principles, frames and elements of talks of all fields. 
 
The seventh round of negotiations was co-chaired by Yu Jianhua, Deputy International Trade Representative of Chinese Ministry of Commerce, and Woo Tae-hee, South Korea’s Assistant Trade Minister.
 
The second-stage FTA talks will begin with the eighth round of Sino-ROK FTA negotiations to be held in Korea later this year.
 
Negotiations for FTA between China and South Korea began on May 2, 2012, and the sixth round of negotiations was held in July this year in South Korea’s port city of Busan.
 
At the sixth round, both sides came closer to agreement in most modalities (basic guidelines), including the level of liberalization. Both the sides also narrowed different views over services, investment, rules of origins, customs clearance, trade remedy and intellectual property rights.
 
In addition to a FTA, China and South Korea are also seeking a trilateral free trade deal, with the inclusion of Japan.
 
In 2012, South Korea exported textiles and clothing worth US$ 4.9 billion, while it imported textiles and apparel worth US$ 2.9 billion.
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