Chinese ambassador calls for early conclusion of Seoul-Beijing FTA

By Nam Kwang-sik
SEOUL, June 10 (Yonhap) -- China's ambassador to South Korea called on the two
Asian economic powers Wednesday to push for an early conclusion of a free trade
deal to further enhance their economic cooperation.

Seoul and Beijing have been conducting a feasibility study on a bilateral free
trade agreement (FTA) since March 2007 through a joint panel comprising
government officials, business leaders and academics.
"China and South Korea should aggressively and properly push for a free trade
accord, based on the findings of an ongoing feasibility study," Cheng Yonghua
said during a business forum held here.
Although South Korea is eager to sign a free trade deal with China, it is
concerned about the impact it may have on its agricultural sector.
Cheng also stressed the importance of bilateral cooperation in the financial,
trade and high-end technology sectors.
Economic cooperation between the two countries has grown at a faster pace since
the establishment of their diplomatic ties in 1992, Cheng said.
Two-way trade, which averaged US$6.3 billion annually in the early 1990s, has
shot up since, reaching $186.1 billion as 2008, he said.
China's economic growth rate this year is forecast to be at 8 percent, as the
country's first quarter economic indicators showed a positive signs for an
economic recovery, Cheng said.
ksnam@yna.co.kr
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