China, South Korea agree to accelerate 2nd phase of FTA negotiations, deepen supply chain cooperation

(ECNS) -- China and South Korea have agreed to advance the second phase of Free Trade Agreement (FTA) negotiations, deepen supply chain cooperation, and enhance trade in services and investment for the benefit of both nations at the 6th meeting of the China-South Korea FTA Joint Committee held in Seoul, said the Chinese Ministry of Commerce on Monday.

Both sides positively assessed the implementation of the China-South Korea FTA over the past year, reviewing progress in goods trade, economic cooperation and technical barriers to trade under the agreement.

They also exchanged views on issues such as cross-border e-commerce customs facilitation, standards and technical regulations, agricultural quarantine and government procurement.

Key multilateral and bilateral economic and trade issues were also discussed during the meeting. 

The China-South Korea FTA, which was put into effect on Dec. 20, 2015, has undergone 10 rounds of tariff cuts. Progress in investment liberalization and facilitation efforts has steadily advanced, delivering increasing benefits under the agreement.