South Korea, China to speed up FTA talks on services, investment

SEOUL, December 30 (AJP) - South Korea and China have agreed to accelerate second-phase negotiations of their bilateral free trade agreement, focusing on services and investment, South Korea’s trade ministry said on Tuesday.

South Korea’s Trade Minister Yeo Han-koo met China’s international trade negotiator Li Chenggang at China’s Ministry of Commerce in Beijing, where the two sides discussed ways to advance follow-up negotiations under the bilateral FTA.

To move the talks forward, the two countries agreed to hold regular in-person negotiations starting next year, involving all relevant government agencies, and to intensify discussions on outstanding issues to narrow differences, the ministry said.

The ministers also agreed to convene another trade ministers’ meeting in the first half of next year to directly review progress. During the talks, the two sides discussed implementation issues under the FTA, including petrochemicals, government procurement and intellectual property, and agreed to strengthen cooperation.

Ahead of the ministerial meeting, Yeo held a roundtable discussion with South Korean companies operating in China to assess recent business trends and hear concerns from firms on the ground.

The Ministry of Trade, Industry and Energy said it would maintain regular communication with industry to reflect business concerns in policy consultations and strengthen support to stabilize the operating environment for South Korean companies in China and improve market access.