Korea, China sign free trade agreement(The Korea Herald)

South Korea and China signed a free trade agreement Monday that is expected to become a platform for the two economies seeking new growth engines and to bring the 23-year bilateral cooperation up to a new level.  

 

The FTA will enable a market with a population of 1.4 billion and GDP of $12 trillion. It also makes Korea the only country that has FTAs with the world’s three largest economies ― the U.S., EU and China. Korea now has deals encompassing 52 nations, accounting for 73.45 percent of the global economy. 

The signing of the FTA was held between Korean Trade Minister Yoon Sang-jick and his Chinese counterpart Gao Hucheng at the Grand Hyatt Seoul Hotel. The pact now awaits the National Assembly’s ratification and is expected to go into effect six months from the respective governments’ notification of the approval.

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