S. Korea, China weigh free trade agreement

BEIJING, Oct. 10 (Yonhap) -- South Korea and China agreed Saturday to step up
efforts to sign a free trade agreement (FTA) aimed at stimulating bilateral trade
by lowering market barriers between the two neighboring countries.

The agreement was made under a strategic guideline signed between South Korea's
Trade Minister Kim Jong-hoon and his Chinese counterpart Chen Deming in Beijing,
officials in Seoul said.
Both sides also agreed to intensify efforts to more than double their bilateral
trade to US$300 billion through 2015 while expanding investments between the two
countries down the road. They selected 23 key industries, including the tech,
finance, auto, shipyard and agriculture sectors in which investments will be
focused.
South Korea currently has free trade deals with Chile, Singapore, and the
European Free Trade Association, while an FTA with the United States is awaiting
parliamentary ratification.
But Seoul has failed to sign a tariff-lowering deal with China and Japan, two of
its closest neighbors, due to economic and political differences.
The broad trade agreement comes as the leaders of South Korea, China and Japan
met in Beijing, renewing their commitment to boosting ties in order to better
address issues confronting not just the region but also the international
community.
kokobj@yna.co.kr
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