China and Korea to set up free trade zone

Beijing: China and Korea have signed a “substantial conclusion” of a free trade agreement yesterday to sharply reduce trade barriers.

The two countries plan to set up a free trade zone to promote the bilateral trade, and an official agreement is expected to be signed before the end of this year.

China’s Ministry of Commerce said the free trade zone will be the country’s largest free trade zone in terms of area coverage and trade volumes.

China is South Korea's largest trading partner and their bilateral trade grew to $228.9bn in 2013. [11/11/14]

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