China and ROK Agree to Free Trade Agreement

It is anyone surprised the Korean leftists were not out protesting the ROK-China FTA like they were doing with the U.S.?:

Korea and China more or less concluded years of on-and-off talks about a free trade pact on Monday. President Park Geun-hye and her Chinese counterpart Xi Jinping announced the conclusion of the FTA in Beijing on Monday.

The negotiations began in May 2012.

Once the FTA goes into effect, binding the world’s second and 15th-largest economies, it will create an economic bloc valued at US$11 trillion.

Korea stands to gain greater access to a W5,000 trillion (US$1=W1,085) market with a population of 1.3 billion.

Korea is only the third country along with Chile and Peru to sign FTAs with the U.S., EU and China.

The biggest gain for Korean negotiators is that most of the agricultural market, including rice, remains protected from Chinese imports. China in turn managed to maintain existing tariffs on Korean-made petrochemical products, steel and cars. (Chosun Ilbo)

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