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South Korea ‘effectively’ reaches deal with China
South Korea had effectively reached a free trade agreement with China that would remove tariffs on over 90 percent of goods, although some details remained under negotiation. The announcement came after South Korean President Park Geun Hye met Chinese President Xi Jinping on the sidelines of the Asia-Pacific Economic Co-operation summit in Beijing. Park’s office said the two countries had “effectively reached” a deal, while Xi said the negotiations had made “significant progress”.
A South Korean government statement made it clear that differences remained over a few unspecified “details” that would have to be bridged before the deal could be signed hopefully by the end of the year.
China is South Korea’s biggest trading partner, and two way trade stood at about $228.8 billion, last year. Exports to China were $145.8bn last year, more than a quarter of the South Korea’s total overseas shipments.