S. Korea urges China's quick approval of free trade deal

BEIJING, Jan. 29 (Yonhap) -- South Korean Finance Minister Choi Kyung-hwan called on China Thursday to swiftly complete its domestic procedures for the implementation of a bilateral free trade deal, which he said could help them navigate through global economic uncertainty.

South Korea and China "effectively" reached a bilateral free trade agreement last November that would further deepen their economic ties by removing tariffs on more than 90 percent of goods over the next 20 years.

A formal agreement has not been signed yet because some "technicalities" remain unresolved, but South Korean officials have said that Seoul and Beijing would soon initial the deal.

Choi made the call at a regular meeting in Beijing with his Chinese counterpart Xu Shaoshi, who heads the National Development and Reform Commission, China's top economic policy-decision making body.

"To open a new chapter of economic cooperation between the two nations, I propose that the Korea-China FTA take effect swiftly," Choi said during the meeting, according to a statement provided by Choi's ministry.

"The Korea-China FTA will play the role of a strong seawall for the two nations to navigate through global uncertainties," Choi said, citing lower oil prices and fragile financial markets around the world.

Choi also called for China to ease its regulations against South Korean pop music, TV shows and movies.

kdh@yna.co.kr
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