Joint study paves way for Sino-ROK FTA talks
China Daily 2007-09-18
Joint study paves way for Sino-ROK FTA talks
BEIJING, Sept. 18 — The next round of talks on a joint study of a free trade area (FTA) between China and the Republic of Korea (ROK) will take place next month in Beijing, the ROK deputy prime minister and minister of finance and economy has told China Daily.
The joint research will form the basis for exploring the possibility of initiating FTA negotiations, Kwon O-kyu said in an interview during his visit to Beijing for the 7th ROK-China Economic Ministers’ Meeting last week.
Two rounds of joint research were conducted by the private sector in 2005 and 2006, and a government-industry-academia joint study is under way.
"If an FTA is concluded, the removal of tariff barriers will boost bilateral trade and benefit consumers," Kwon said.
Last year, the ROK’s exports to, and imports from, China reached 70 billion and 48 billion U.S. dollars, making China the largest export destination as well as the second-largest import source. During the same period, China’s exports to, and imports from, the ROK reached 45 billion and 90 billion dollars, making ROK its fourth-largest export destination and the second-biggest import source.
Kwon said it is too early to discuss a launch date for negotiations. "Nonetheless, I am looking forward to positive results from the joint research," he said.
During his visit to Beijing, Kwon met Vice-Premier Zeng Peiyan, Ma Kai, minister of the National Development and Reform Commission, and Finance Minister Xie Xuren.
