The free trade agreement between China and Korea is expected to be signed by late April. Minister of Trade, Industry, and Energy Yoon Sang-jick said on March 13 in a National Assembly Foreign Affairs and Unification Committee meeting, "[The Korea-China FTA] will be signed before the end of the first half of this year but we are trying to move up the date as much as possible. It is likely to be in late April or early May." He added, however, "The two sides much reach an agreement on signing schedules."
Representatives from China and Korea had signed a preliminary agreement on the FTA pact on February 25. In order for the pact to be officially signed, the current English-only text must be translated into both Korean and Chinese. Both sides are currently in the process of translation of the document. Afterward, the document must undergo approval with the Ministry of Government Legislation and the Cabinet Meeting, with the final sanction by the President. The trade ministry will submit a request for agreement to ratification to the National Assembly before the end of the first half.
Tariff abolition or exemption in accordance with the free trade agreement will be made immediately after the pact goes into effect or in stages over scheduled years. On the same day, the minister answered to a question whether the government would lend support to the agricultural sector that would be negatively affected by market opening, "Instead of giving direct support [to the agriculture sector], the government will try to nurture the sector's capacity to export primary commodities."
By Lee Kyung-ho
