South Korea and China to Boost Cooperation in Free Trade Agreement
D-Bo , April 9, 2015, 10:36 a.m.
South Korea and China have agreed to help boost bilateral trade under the recently concluded free trade agreement (FTA), a move that will require self-restraint when imposing excessive antidumping duties, the Seoul government said Thursday.
In an annual meeting, the countries' trade commissions also vowed to complete fair and transparent antidumping investigations into products from each country, according to the Ministry of Trade, Industry and Energy.
The meeting, the first of its kind since the two countries declared a conclusion of their bilateral FTA negotiations, was held earlier Thursday in Seoul. "In addition, the two organizations agreed to strengthen cooperation and work to make sure their antidumping duties will not become an obstacle to the countries' efforts to boost bilateral trade under the Korea-China FTA," the ministry said in a press release.
The bilateral free trade pact was initialed in late February, nearly three years after the countries held the first round of negotiations in May 2012. The two are now working on signing the agreement within the first half of the year for implementation before the year's end, the ministry said earlier. Currently, South Korea has imposed antidumping duties on 10 Chinese products while China has done the same on 14 items from South Korea.