Seoul: South Korea and China have initiated a new round of negotiations to expand their bilateral free trade agreement (FTA) to encompass services and investment, as announced by Seoul's industry ministry.
According to Yonhap News Agency, trade representatives from both countries started the 12th round of follow-up negotiations in Seoul on Monday. The objective is to broaden the current trade agreement to include sectors such as services, investment, and finance. These negotiations are set to continue through Friday.
During this week's discussions, the focus will be on enhancing market access in the three specified areas. This is part of a wider effort to facilitate trade in services and encourage investment between South Korea and China.
The bilateral FTA between Seoul and Beijing was initially implemented in December 2015, leading to the removal of significant tariffs on products. Since 2018, both nations have conducted 11 follow-up meetings with the aim of expanding the trade agreement to cover investment and service sectors.