Seoul (TDI): China’s Ministry of Commerce (MOFCOM) has said that the 10th round of negotiations for the second phase of the China-South Korea Free Trade Agreement was held in Seoul, South Korea, from Wednesday to Friday.
During the talks, the two sides engaged in in-depth discussions on issues such as cross-border trade in services, investment and financial services, as well as market access through negative lists.
Chinese and South Korean trade officials met in December, during which the two sides agreed to hasten promoting the discussion of the second phase of the China-South KoreaFTA, strengthen cooperation in industrial and supply chains, and deepen collaboration in services, trade and investment, so that the agreement can better benefit the enterprises and people of both nations, according to a previous MOFCOM statement.
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The China-South Korea FTA entered into effect on December 20, 2015, and has considerably promoted trade and investment growth between the two nations.
Both sides are committed to achieving a high level of liberalization in services trade and investment through the second phase of the China-South Korea FTA talks, the MOFCOM statement noted.
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According to data from Chinese customs, bilateral trade between China and South Korea went up from $275.8 billion in 2015 to $328.1 billion in 2024.
