The 5th round of China-ROK Free Trade Area (FTA) negotiations was held in Harbin on April 26. Assistant Minister of Commerce Yu Jianhua and his ROK counterpart co-chaired the negotiations. The two parties had an in-depth exchange of views on such issues as goods trade, service trade and investment. Both parties agreed to maintain the momentum of negotiations to reach a consensus on negotiation modalities as soon as possible, so as to obtain a mutually beneficial and win-win result as early as possible.
China-ROK bilateral economic and trade relations have developed rapidly since the two countries established diplomatic relations 20 years ago, and China-ROK trade rose by about 50 times compared with that of the beginning of the establishment of diplomatic relations. In 2012, China-ROK trade reached US$ 256.3 billion, up by 4.4% year-on-year, hitting a record high. ROK is China’s third largest trading partner, the third largest export destination and the second largest source of imports, and bilateral trade and economic cooperation has formed an all round, diversified and mutually beneficial development pattern. China and ROK announced the official launch of China-ROK FTA negotiations on May 2, 2012.
Source: Ministry of Commerce Website
2013-04-28
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