Apparel Sourcing Intelligence - Worldwide

Korea and China initial FTA

Korea and China initialled a Free Trade Agreement on February 25,  the Korean Ministry of Trade said, adding “The two countries’ governments have agreed to work for official signing…within the first half of 2015.”

“Some new and positive elements have been added to the agreement since the conclusion of negotiations on Nov. 10” South Korea’s deputy trade minister said at a press briefing, explaining the delay.

The deal then needs ratification by the legislatures. “The government will do its utmost to have the agreement ratified by the National Assembly without any disruption so that our companies can start benefiting from the Korea-China FTA at an early date,”  the minister added.  In practice, this cannot be guaranteed in Korea’s case.