ROK Drop

Avatar of GI KoreaBy on January 10th, 2012 at 3:14 am

South Korea and China To Begin Steps To Negotiate Free Trade Agreement

» by in: China

Any bets if we will see any massive anti-China FTA protests in Korea with this news?:

President Lee Myung-bak agreed to begin the necessary “domestic procedures” for opening formal negotiations on a South Korea-China free trade agreement during a summit meeting Monday afternoon with Chinese president Hu Jintao at Beijing’s Great Hall of the People.

Lee and Hu expressed interest in working out a South Korea-China FTA “so that the trend of economic partnership is further strengthened,” the Cheong Wa Dae (South Korea’s presidential office or Blue House) reported.

The necessary domestic procedures for an FTA include hearings at home, deliberation by a promotion committee, and voting at a meeting of foreign and economic ministers. In the case of the South Korea-United States FTA (KORUS FTA), the procedures in 2006 took approximately three months.

A senior Cheong Wa Dae official said the agreement was “strongly requested by China” and explained that the chances of formal negotiations starting in the near future were “not high.”

Lee was invited by Beijing to spend three days in China in honor of the 20th anniversary of the establishment of diplomatic relations between the two countries.

Analysts said the impact of an FTA between South Korea and China would be far greater for the national economy than the agreements with the US or European Union.  [Hankyoreh]

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5
  • Teadrinker
    7:15 am on January 10th, 2012 1

    “the agreement was “strongly requested by China””

    Oh, well then. Of course they have to sign a FTA with China. :roll:

  • John in NY
    8:45 am on January 10th, 2012 2

    Good luck with all the fake eggs, killer baby formular and carcinogenic toys.

  • Denny
    2:05 pm on January 10th, 2012 3

    China will never honor their side of the agreement.

  • Glans
    1:31 am on May 13th, 2012 4

    China, Japan, and South Korea have agreed to begin negotiating a free-trade pact. Chris Buckley and Wee Sui-Lee report from Beijing for Reuters.

  • 한국사람
    2:04 am on May 13th, 2012 5

    중꿔 잡동사니

 

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