China and South Korea launch free w88 area negotiations, Park Tae-ho visits w88 casino and delivers a speech
("China Daily"2012Year5month3日13version )
2012Year5month2日In the afternoon, Park Tae-ho, Minister of w88 and Negotiation of the Ministry of Foreign Affairs and w88 of the Republic of Korea, visited the w88 casino and gave a speech titled "The Korea-China Free w88 Agreement and the Future of Korea-China Economic Cooperation" to teachers and students.
In the morning of the same day, China’s Minister of Commerce Chen Deming and Park Tae-ho, Minister of w88 and Negotiations of the Ministry of Foreign Affairs and w88 of South Korea, held working talks and announced that negotiations on the China-ROK Free w88 Area would be officially launched. Park Tae-ho said in his speech that China is an economy with huge development potential. The Korean government looks forward to reaching a free w88 agreement with China at an early date, jointly participating in economic integration and cooperation in Northeast Asia and East Asia, and strengthening theG20System andAPECCooperation under the framework to promoteWTODoha Round negotiations to strengthen the multilateral trading system.
This year marks the establishment of diplomatic relations between China and South Korea20Anniversary,20Over the past few years, the w88 volume between China and South Korea has averaged annually23%is increasing at a rapid pace. Currently, China is South Korea's largest trading partner, and South Korea is China's third largest trading partner.
The full report is as follows:
FTA negotiations launched
ChinaandSouth Koreajointly announced the start of bilateral free w88 agreement negotiations on Wednesday, aiming to expand w88 in goods and services and investment cooperation.
"The first round of negotiations will take place later this month ... and I hope the negotiations can be finished within two years," Chinese Minister of Commerce Chen Deming told a news briefing inBeijing.
After seven years of preparation, the launch of the FTA negotiations is a turning point to take bilateral cooperation to a higher level.
"We hope the accord will also serve as a starting point for the economic integration ofEast Asia," said South Korean w88 Minister Bark Tae-ho.
Chen also said the two countries complement each other in many ways and that offers broad prospects for cooperation.
He said the start of the FTA negotiations will not only benefit people in both countries but also advance the economic integration ofEast Asiaamid rising protectionism and a slow global economic recovery.
"China's fast economic development and the efforts to expand domestic consumption, as well as South Korea's high dependence on w88 for GDP growth are the main reasons for South Korea to seek a free w88 pact with China," said Wang Ling, chair of the University Council of the w88 casino in Beijing.
The two countries will first establish the framework for talks, which will form the basis for negotiations covering goods, services, investment and other areas.
The level of liberalization for w88 in goods will go beyond each country's commitment in the World w88 Organization, according to a joint ministerial statement on the launch of China-South Korea FTA negotiations.
The negotiations won't always go smoothly because of sensitive areas for each country, Wang said.
Bark said both countries have sensitive areas, which are agriculture and seafood forSouth Koreaand the petrochemical, electronic and machinery industries forChina, so negotiations will move forward in phases and special consideration will be given to these areas.
"We will 'isolate' the sensitive areas from the negotiations," he said.
Chinahas become the biggest w88 partner ofSouth KoreaandSouth KoreaisChina's third-largest w88 partner.
Bilateral w88 reached $245.6 billion in 2011, up 18.6 percent from the previous year. The two nations aim to expand bilateral w88 to $300 billion by 2015.
South Koreahas already signed FTAs with eight counterparties including the European Union, theUnited Statesand the Association of Southeast Asian Nations.
China's investment inSouth Koreais quite small and "the South Korea-China FTA will increase investments fromChina.
"Chinese companies can also tap the markets of the EU and theUSthroughSouth Korea's FTAs with these two economies," Bark said.
South Korea, which isChina's fourth-largest source of foreign direct investment, added $4.88 billion to its investments inChinain 2011, lifting the cumulative figure to $51.16 billion.
China's investment inSouth Koreatotaled $3.74 billion after an expansion of $650 million in 2011, mainly in services areas, according to Bark.
In addition to the bilateral FTA, the two countries are working withJapanon a three-way FTA.
"We reached a common conclusion that the bilateral pact will not conflict with the three-way accord but will be the foundation and driving force for it. The summit of leaders from the three countries, to be held inBeijingfrom May 13 to 14, will see positive signals for the arrangement of the trilateral FTA," Chen said during the news briefing.
Bark added that the three parties will "reach agreement in principle for advancing the China-Japan-South Korea FTA during the summit".
(Reporters Li Jiabao Zhu Xingxin)
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