According to Yonhap News,

(BEIJING=Yonhap News) South Korea and China struck a free trade agreement (FTA) on Monday, officials said, a move that could further boost Seoul's economic ties with the world's second-largest economy.

South Korean President Park Geun-hye and her Chinese counterpart, Xi Jinping, made the announcement during their meeting at the Great Hall of the People in Beijing, said An Chong-bum, presidential secretary for economic affairs.

Park and Xi also observed the signing of agreed-upon minutes on the deal on the sidelines of an annual summit of Asia-Pacific leaders in the Chinese capital, said An.

"I hope that (the two countries) can quickly work out details and swiftly push for procedures to sign (the deal) and allow it to take effect," Park said at the start of the summit.

Xi also hailed the deal and called for consistent and in-depth development in bilateral exchange and cooperation.

The two countries do not have any more pending issues over the deal that was reached two and a half years after they launched negotiations.

Still, the two sides need to go through technical consultations in coming weeks to work out the wording of the deal and hold a legal review before formally signing a deal on the FTA early next year, according to Kim Young-moo, a senior South Korean negotiator.

In a brief statement, China's commerce ministry also said the two nations reached "substantive negotiations on a bilateral free trade agreement."

The two neighbors are required to eliminate their import tariffs on more than 90 percent of all products traded between them within 20 years after the deal takes effect.

The deal is subject to parliamentary ratification in both capitals before taking effect.

Qu Xing, head of the China Institute of International Studies, said the free trade deal will "significantly boost trade and economic cooperation between China and South Korea."

Park said in an interview with China's BTV aired late Sunday that a successful conclusion of a free trade deal between South Korea and China could further boost discussions on economic integration in Asia and the Pacific region.

When they met in Seoul in July, Park and Xi had agreed to strengthen efforts to reach a deal before the end of the year. China is South Korea's largest trading partner.

Trade volume between South Korea and China stood at US$228.9 billion last year, according to South Korean data.

China fought on North Korea's side against South Korea and the U.S.-led U.N. forces in the 1950-53 Korean War, but has been economically drawn to South Korea in recent decades.

entropy@yna.co.kr

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Source: Yonhap News (November. 10, 2014)