South Korea and China sign FTA

Subject to ratification at both parliaments and is expected to come into effect before the end of this year

South Korea and China today officially signed a free-trade agreement (FTA) in the South Korean capital, Seoul, reports local publication Yonhap News Agency. South Korean president Park Geun-hye and Chinese president Xi Jinping sounded a positive note at the signing of the FTA, with Park stating that "The FTA [between South Korea and China] will bring in a wide-range of opportunities and benefits to people and companies of both countries and will become a historic milestone to further deepen our strategic cooperative partnership". The FTA is subject to ratification at both parliaments and is expected to come into effect before the end of this year, according to the report.