South Korea, China Launch New Round of FTA Follow-up Talks
Quick Look
- South Korea and China began a new round of follow-up negotiations on services and investment under their bilateral free trade agreement (FTA) in Beijing.
- The 15th round of talks, held from Monday to Friday, aims to expand the trade pact's scope and create a more predictable investment environment for South Korean companies.
AI-generated summary
Why It Matters
South Korea and China implemented their bilateral FTA in December 2015. Since 2018, they have held 14 rounds of follow-up negotiations to expand the pact's scope in services and investment.
SEOUL, June 22 (Yonhap) -- South Korea and China kicked off a new round of follow-up negotiations on services and investment under their bilateral free trade agreement (FTA), Seoul's trade ministry said Monday.
Trade delegations from the two sides will hold the 15th round of follow-up negotiations throughout this week in Beijing from Monday to Friday, according to the Ministry of Trade, Industry and Resources.
Seoul and Beijing implemented their bilateral FTA in December 2015, eliminating tariffs on a wide range of products.
The two countries have held 14 rounds of follow-up negotiations since 2018 to expand the scope of the trade pact in the services and investment sectors.
"We hope the follow-up negotiations will lead to free and open trade in services, as well as a more predictable investment environment," said Kwon Hye-jin, director general for trade negotiations at the ministry.
"Amid lingering uncertainties at home and abroad, we will make efforts to achieve meaningful outcomes that support South Korean companies seeking to enter the Chinese market."
Open Questions
- What specific outcomes are expected from this round?
- How will these talks address current uncertainties?
