By Zhang Ran
The next round of talks on a joint study of a free trade area (FTA) between China and South Korea will take place next month in Beijing, the South Korean 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 South Korea-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, South Korea's exports to, and imports from, China reached US$70 billion and US$48 billion, 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, South Korea reached US$45 billion and US$90 billion, making South Korea 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.
(China Daily September 18, 2007)
