China welcomes the Republic of Korea’s parliament ratification of the free trade agreement (FTA) between the two countries, the Ministry of Commerce (MOC) said on Dec 2, pledging to accelerate early implementation of the pact.
The Republic of Korea’s parliament on Nov 30 ratified its FTA with China, taking an important step toward regional economic integration.
The MOC said the implementation of the trade pact would inject fresh vitality to economic cooperation between the two countries.
China and ROK signed the bilateral FTA in June after three years of negotiations. Under the deal, the two sides will eliminate tariffs on more than 90 percent of traded goods each within 20 years after implementation.