China and the Republic of Korea South Korea have concluded substantive negotiations on a bilateral free trade agreement (FTA), leaders of the two countries announced on Monday.
Chinese President Xi Jinping and his South Korean counterpart Park Geun-hye confirmed the conclusion of the talks in a meeting in Beijing on the sidelines of the ongoing Asia-Pacific Economic Cooperation (APEC) meetings, according to China's state-run Xinhua News Agency.
China and South Korea officially launched FTA talks in May 2012. China is already South Korea's largest trading partner and largest market for Korean exports, while South Korea is China's third most important trading partner and was the fifth biggest source of foreign investment in 2013.
Two-way trade totaled USD 274 billion last year, and the leaders have promised a rise to USD 300 billion by 2015, the report said. Park arrived in Beijing Sunday to attend the 22nd APEC Economic Leaders' Meeting slated for November 10-11.