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(2nd LD) China 'quite optimistic' about concluding free trade talks with S. Korea by year-end

All News 21:50 September 16, 2014

(ATTN: UPDATES with S. Korean ambassador's comments in 9-10 paras)

BEIJING, Sept. 16 (Yonhap) -- China's commerce ministry said Tuesday it is "quite optimistic" about concluding bilateral free trade negotiations with South Korea by the end of this year, citing "very good" progress in the drawn-out talks.

"As for the free trade negotiations between China and South Korea, the progress is very good," ministry spokesman Shen Danyang told reporters at an event organized by the All-China Journalists' Association, a state organization.

Asked whether China expects to conclude the talks by the end of this year, Shen replied, "I am quite optimistic."

South Korea and China, which began their formal free trade negotiations in May 2012, have held 12 rounds of negotiations so far. A fresh round of negotiations will be held in Beijing next week.

Chinese President Xi Jinping visited South Korea and held summit talks with President Park Geun-hye in early July during which they agreed to work together to achieve a free trade deal by the end of this year.

Despite stumbling blocks, Shen said the "common wish" of Park and Xi to conclude the talks is "critically important" for the two nations to settle the negotiations by the year-end timetable.

"Of course, there are prices we have to pay during the process of negotiations and there are also compromises. But the key is that both sides have the common wish of concluding the talks by the end of this year," Shen said.

Agriculture and fisheries are considered the most sensitive sectors for South Korea, while China categorizes its manufacturing industries, which include the automobile, machinery and oil sectors, as sensitive.

South Korean ambassador to China Kwon Young-se also expressed hope for striking a deal in the coming months.

"FTA talks have been revitalized in light of the July bilateral summit, reaching agreements in some areas," Kwon said in an interview with a Hong Kong newspaper. "Although the protection level of some items needs more consultations, the two nations have been negotiating with a goal of concluding a deal within this year."

China accounts for more than 30 percent of South Korean exports. Two-way trade totaled US$270 billion last year, according to Chinese government figures.

kdh@yna.co.kr
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