China, ROK agree on FTA feasibility study
China, ROK agree on FTA feasibility study
Xinhua 2006-11-18
China and the Republic of Korea (ROK) has agreed to start feasibility study on the establishment of a free trade area (FTA) at the official level in early 2007.
The agreement was reached Friday during a meeting here between Chinese Minister of Commerce Bo Xilai and the ROK trade minister Kim Hyun Chong.
The feasibility study will be conducted at government, industrial and academic levels, according to the agreement.
It will look into the effects of the FTA on the macro economies of both countries, the effects of trade liberalization on industries, the arrangements for sensitive products and industries, among others.
Feasibility study at non-government level has already been going on since November 2004, when it was jointly announced by Chinese President Hu Jintao and his ROK counterpart Roh Moo-Hyun.
ROK is currently China’s sixth largest trading partner, while China is ROK’s largest trading partner. Bilateral trade stood at 111.9 billion U.S. dollars in 2005.
ROK is also China’s fourth largest source of overseas investment. It has invested 33.6 billion dollars in China by September this year, according to official figures.
