South Korean Cabinet OKs free trade deal with China

South Korean Cabinet OKs free trade deal with China

South Korea’s Cabinet approved a free trade agreement with China, an official said Tuesday, the latest in a series of steps toward implementation of the pact.

Park Geun-hye, left, and China's president Xi Jinping shake hands at the Great Hall of the People in Beijing, Nov. 10, 2014. (Photo/CNS)

The endorsement was made in a Cabinet meeting presided over by President Park Geun-hye, said presidential spokesman Min Kyung-wook.

The move came three months after the two neighbors initialed the deal that could help boost Seoul’s trade with the world’s second-largest economy.

South Korea hopes to sign the deal with China in June. The deal is subject to parliamentary ratification in both capitals before taking effect.

China is South Korea’s largest trading partner. Trade volume between South Korea and China stood at $228.9 billion in 2013, 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. (Yonhap)

Source url:http://www.koreaherald.com/view.php?ud=20150526000743

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