Seoul: Trade chiefs of South Korea and China discussed ways to accelerate follow-up negotiations for the second phase of the countries' bilateral free trade agreement (FTA) Tuesday, aiming to expand cooperation in services and investment, Seoul's trade ministry said. The talks between Trade Minister Yeo Han-koo and his Chinese counterpart, Li Chenggang, were held in Beijing, according to the Ministry of Trade, Industry and Resources.
According to Yonhap News Agency, the first phase of the FTA, which took effect in December 2015, eliminated tariffs on major goods. At that time, the two countries agreed to a limited opening of their services and investment sectors and pledged to launch follow-up negotiations within two years.
The ministry stated that the two sides agreed on Tuesday to hold regular in-person meetings involving all relevant government agencies starting next year to narrow differences over remaining issues. They also agreed to convene an additional ministerial-level trade meeting in the first half of next year to allow their top trade officials to directly review progress in the negotiations.
If the second phase of the FTA is concluded, the scope of market opening is expected to expand beyond manufactured and agricultural goods to the services and investment sectors, including finance, telecommunications, and legal services.