China’s Ministry of Commerce says it expects to complete negotiations for a free trade agreement with South Korea by the end of this year and that the treaty will take effect by the end of 2015. Over 90% of the goods traded between China and South Korea are expected to be tariff-free under the deal. The agreement covers 17 sectors, including goods and services, investment and trade rules, e-commerce and government procurement. Two-way trade was more than $300 billion last year, more than 50 times the level in 1992. South Korea is now China’s third-largest source of imports.
