Korea, China Hold 3rd Round of FTA Talks
The third round of free trade negotiations between Korea and
China kicked off in the city of Weihai, China, on Wednesday. During the
three-day meeting, trade officials are expected to discuss the terms for
trade in goods, services and other areas.
China is Korea's largest trade partner, and the two-way trade volume between them has risen for three consecutive years. Economists say the FTA, once implemented, will not only expand exports, but may also lead to greater market integration.
The possible trade deal comes as welcome news for some 23,000 Korean companies operating in China. However, the trade pact faces heavy opposition from Korean farmers and fishermen, as it is expected to boost Korean imports of farm produce from China by nearly US$11 billion, while reducing the country's output by 15 percent over 10 years.
China is Korea's largest trade partner, and the two-way trade volume between them has risen for three consecutive years. Economists say the FTA, once implemented, will not only expand exports, but may also lead to greater market integration.
The possible trade deal comes as welcome news for some 23,000 Korean companies operating in China. However, the trade pact faces heavy opposition from Korean farmers and fishermen, as it is expected to boost Korean imports of farm produce from China by nearly US$11 billion, while reducing the country's output by 15 percent over 10 years.
Arirang News / Aug. 23, 2012 10:04 KST
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