CHINA / National
China urges FTA with South Korea
(AFP/The Australian)
Updated: 2006-05-29 08:47
SEOUL - China has urged a free trade agreement (FTA) with South Korea in
order to help boost burgeoning trade and investment between the two
countries, officials said.
The suggestion came as Chinese Commerce Minister Bo Xilai met with his
South Korean counterpart Chung Sye-Kyun, officials of the Ministry of
Commerce, Industry and Energy said.
Chinese Commerce Minister Bo Xilai, seen here in March 2006. China has
urged a free trade agreement (FTA) with South Korea in order to help
boost burgeoning trade and investment between the two countries,
officials said. [AFP]
Bo stressed the need to push forward free trade agreement talks. Beijing
seeks an FTA with Seoul to help ease its chronic trade deficit with South
Korea.
Bo raised the same issue when he met with South Korean Trade Minister Kim
Hyun-Chong here Friday, according to the Ministry of Trade and Foreign
Affairs.
South Korea is reluctant to rush into an FTA with China amid fears that
low-priced Chinese agricultural products could flood the domestic market,
causing trouble for the country's already impoverished farmers.
South Korea and China have agreed to make efforts to double bilateral
trade to US$200 billion per year by the year 2012.
Bo also expressed concern over what he called a militant union at
Ssangyong Motor, which was acquired by Shanghai Automotive Industry Corp.
in October 2004.
Shanghai Motor bought a controlling stake of 48.9 percent in Ssangyong
for US$500 million, becoming the first Chinese firm to own a major
concern in the world's fifth-largest auto market.
China targets agriculture in trade deal
China has vowed to include agriculture and other tough sectors in a free
trade agreement with Australia.
Chief negotiator Zhang Xiangchen said agriculture, services, government
procurement and investment would all be covered in a free trade agreement
(FTA) under negotiation.
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