China, South Korea sign FTA deal

SEOUL - China and South Korea signed a free trade agreement (FTA) here on Monday, the largest bilateral FTA deal for China in terms of trade volume.

Under the accord, South Korea will eliminate tariffs on 92 percent of all products from China within 20 years, while China will abolish tariffs on 91 percent of all South Korean goods.

The two countries started the FTA talks in May 2012, which covered 17 areas, including trade in goods and services, investment and trade rules as well as e-commerce and government procurement.