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China and South Korea: Beijing, Seoul talk trade

China and South Korea are due to embark on their 12th round of free trade talks this week.

China and South Korea are due to embark on their 12th round of free trade talks this week.

Chinese President Xi Jinping and his South Korean counterpart, Park Geun-hye, said the target for two-way trade should be $300 billion by 2015. It was $274 billion last year.

The talks are covering 14 sectors including trade in goods and services, investment, environment and e-commerce.

However, South Korea is reluctant to lower tariffs on agricultural products and China is equally squeamish about opening up its service sectors.