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Hub News Article Jun 02, 2015

China and the Republic of Korea signed a Free Trade Agreement

On 1 June 2015, China and the Republic of Korea signed a free trade agreement three years after negotiations began in May 2012. Chinese Commerce Minister Gao Hucheng and South Korean Trade Minister Yoon Sang-jick signed the document in Seoul.

The agreement will gradually remove more than 90 percent tariffs on selected imported goods in 20 years. 71 percent of tariffs will be removed on South Korean exports to China in 10 years, and 91 percent in 20 years. Meanwhile, 79 percent of tariffs on Chinese imports will be abolished in 10 years, and 92 percent in 20 years.

A total of 22 sectors will benefit including finance, services, investment, communications, and e-commerce trading. Agricultural products such as meat, seafood, and rice are not included.

The FTA will be implemented after getting approval from parliaments of both countries.