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Ministry holds public hearing on follow-up negotiations for Korea-China FTA 2018-01-05

The Ministry of Trade, Industry and Energy announced that it will host a public hearing on January 5 about the negotiations to expand the Korea-China Free Trade Agreement to include trade in services and investments.

The public hearing will be held at the COEX in Southern Seoul to gather opinions from interested parties and experts as such move is required under Article 7 of the “Act on the Conclusion Procedure and Implementation of Commercial Treaties” ahead of the negotiations.

When the Korea-China FTA entered into force in December 2015, the two countries agreed to commence the follow-up negotiations for a further liberalization in trade in services and investments within two years.

During President Moon Jae-in’s visit to China in December of last year, the Ministry and China’s Ministry of Commerce signed a memorandum of understanding on startingthe negotiations early this year.

At the public hearing will be presentations by experts on economic impacts of the negotiations as well as the expected outcomes and challenges from a new agreement on service trade and investment. They will be followed by panel discussions and a question and answer session.

The Ministry will formulate a plan for the conclusion of the bilateral trade pact after thoroughly reviewing the collected opinions including those from this public hearing. The plan will be reported to the National Assembly before thefirst round of negotiations kick off.

During the negotiation process, the Ministry will continue to communicate with industries through meetings with the representatives of each major service sector.

* Short version