Photo: VCG

TheMK sports Korea 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, according to a statement on the website of China’s Ministry of Commerce (MOFCOM) on Friday. The negotiation was the first of its kind in four years, according to a report by South Korea-based KBS World.

During the negotiations, the two sides engaged in in-depth discussions on topics such as cross-border trade in services, investment and financial services, as well as market access through negative lists, and positive progress was made, MOFCOM noted.

Chinese and South Korean trade officials met in December, during which the two sides agreed to accelerate promoting the negotiation of the second phase of the China-South KoreaFTA, deepen cooperation in industrial and supply chains, and strengthen cooperation in services trade and investment, so that the agreement can better benefit the enterprises and people of both countries, according to a previous MOFCOM statement.

The China-South Korea FTA entered into effect on December 20, 2015, and has significantly promoted trade and investment growth between the two countries. Both countries are committed to achieving a high level of liberalization in services trade and investment through the second phase of the China-South Korea FTA negotiations, the MOFCOM statement noted.

According to data from Chinese customs, bilateral trade between China and South Korea increased from $275.8 billion in 2015 to $328.1 billion in 2024.


Global Times