Substantive negotiations on China-ROK FTA end

Chinese President Xi Jinping had a meeting with ROK President Park Geun-hye in Beijing on November 10. The two leaders jointly announced the conclusion of the substantive negotiations on the China-ROK FTA. After the meeting, witnessed by the two leaders, Chinese Minister of Commerce Gao Hucheng and ROK Minister of Trade, Industry, and Energy Yoon Sang-jick signed the meeting minutes on ending the substantive negotiations on behalf of their own governments.

The China-ROK FTA negotiations started in May 2012 and the FTA is the most widely covered with the largest trade value that China has signed with other countries. According to the results of the negotiations, in terms of the opening level, the trade in goods liberalization will exceed a proportion of “90% of tax items and 85% of trade value”. It covers 17 areas including trade in goods and services, investment and rules of origin, covering the “21th century trade and economic issues” like e-commerce, competition policies, government procurement and environment. In addition, the two sides promised to carry out negotiations on trade in services in a negative list mode, and start investment negotiations on the basis of pre-access national treatment together with a negative list after signing the agreement. The China-ROK FTA negotiations have realized the goal of a “beneficially balanced, comprehensive and high-level” FTA.
Source: http://english.mofcom.gov.cn/article/newsrelease/significantnews/201411/20141100806837.shtml

Advertisements

Leave a comment

Filed under Legal spotlight

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

w

Connecting to %s