The leaders of China and South Korea are working toward closing a free trade deal by the end of this year. Chinese President Xi Jinping is in Seoul to continue those talks and further boost cooperation between the two nations. CCTV’s U-Jean Jun reports from Seoul with details.
President Xi’s ongoing visit is expected to further trade and economic cooperation and advance the negotiations on a bilateral free trade agreement (FTA) between the two nations, said a South Korean expert.
“Many Chinese entrepreneurs will accompany President Xi to visit South Korea. When entrepreneurs of the two countries meet, they can discuss cooperation programs such as the Development of the West Regions in China and cooperation in new material. This is of great significance,” said Taeho Bark, professor of Seoul National University, also former South Korean Minister for Trade.
China has become the largest trade partner, export destination and import source of South Korea, while South Korea is the largest import source and one of the most important investors for China, as two-way trade reached 274.2 billion U.S. dollars in 2013, a 55-fold increase compared with that at the beginning of their diplomatic ties.