The governments of South Korea and China have agreed on 3 July 2014 to complete their negotiations on free trade agreement (FTA) by the end of 2014.
The FTA negotiations between these two countries started in May 2012.
Both countries have already agreed to eliminate tariffs on 90% of all goods, and 85% of imports by value. Non-sensitive products will become duty free instantly or within ten years and duties on sensitive products will be eliminated within 10-20 years after the FTA becomes effective.
