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South Korea, China to hold 12th FTA talks

Staff writer |
South Korea and China plan to hold the 12th round of negotiations for a bilateral free trade agreement (FTA) next week, Seoul's Trade Ministry said.

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This round of talks will be held for five days from July 14 in South Korea's southeastern city of Daegu, according to the Ministry of Trade, Industry and Energy. South Korean delegation will be headed by assistant Commerce Minister Woo Tae-hee, and the Chinese side will be led by Wang Shouwen, assistant minister of China's Ministry of Commerce.

The chief delegates will hold a separate meeting in Seoul on July 14.

The upcoming talks will come after Chinese President Xi Jinping and his South Korean counterpart Park Geun-hye held a summit meeting in Seoul last week. The two presidents vowed to endeavor to finish the negotiations before the end of 2014, pledging to expand the bilateral trade volume to $300 billion in 2015.

Seoul and Beijing tentatively agreed to abolish tariffs on 90 percent of all products during the first-stage talks, but they opened the door for raising the threshold during the second-phase negotiations.

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