South Korea, China sign free trade deal removing tariffs on 90 per cent of goods over 2 decades

SEOUL, South Korea – South Korea and China signed a free trade deal that will remove tariffs on more than 90 per cent of goods over two decades.

Trade ministers from the two countries met Monday in Seoul to sign the pact between two of Asia’s biggest economies.

The agreement covers 22 areas including finance and online commerce but won’t include rice and autos.

South Korea’s trade ministry said the deal would boost the country’s gross domestic product by nearly 1 percentage point in the decade after its implementation.

South Korea said it was the first time for China to include finance, telecommunications and e-commerce industries in a free trade deal.