Korea and China Complete First-stage FTA Talks
Korea and China Complete First-stage FTA Talks
  • Korea IT Times (info@koreaittimes.com)
  • 승인 2013.09.09 18:42
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SEOUL, KOREA- Korea and China have completed first-phase negotiations on a bilateral free trade agreement in 16 months, laying the groundwork for more in-depth talks over details on market opening and liberalization. The two countries agreed to reduce or eliminate import tariffs on 90 percent of all products. The Ministry of Trade, Industry, and Energy said on September 6 that the two countries had reached an agreement on the modality (basic guidelines) in the seventh round of first-stage FTA negotiations held in Weifang, Shandong Province, for three days until the 5th.
 
In the latest talks, Chinese and Korean negotiators divided modalities into four kinds, including goods, services and investment, rules, and economic cooperation. In the goods area, the items will be classified into three categories including normal, sensitive, and very sensitive. The degree of liberalization has been set at 90 percent in terms of number of items and 85 percent in terms of import value. Under the terms of the agreement, as many as 1,200 items, or 10 percent of all tradable goods, will be excluded from possible negotiations for tariff reduction or elimination. This is a lot more than those agreed in the Korea-U.S. (0.2%) and Korea-EU free trade agreements (0.4%).
 
The two parties will also discuss the issue of country of origin for goods produced in an outward processing zone (Kaesong Industrial Complex). In the services and investment area, they have agreed on the principle of national treatment (treating foreigners and locals equally) and the investor-state dispute (ISD) settlement clause. In the rules area, the negotiators have decided to include talks on issues such as intellectual property, competition, transparency, environment, and e-commerce. Korean and Chinese negotiators are expected to begin second-round talks by November.

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