(MENAFN- QNA) South Korean and Chinese negotiators began Monday discussing tariff proposals as they kicked off the 13th round of negotiations for a planned free trade pact on Monday, with the two economic powerhouses having hinted that a deal could be possible by the end of this year.
South Korea's chief negotiator, Assistant Trade Minister Woo Tae-hee, and his Chinese counterpart, Wang Shouwen, launched the five-day talks at a hotel in Beijing by shaking hands and exchanging greetings, said a Seoul delegate who attended the opening session.
The two nations started their formal free trade negotiations in May 2012 and South Korean President Park Geun-hye and his Chinese counterpart Xi Jinping agreed to work together to achieve an agreement by the end of 2014 during their summit in early July. So far, the talks have failed to bridge numerous gaps
Last week, China's commerce ministry spokesman Shen Danyang said his ministry was optimistic about concluding the talks by the end of this year.
Agriculture and fisheries are considered the most sensitive sectors for South Korea, while China categorizes its manufacturing industries, which include the automobile, machinery and oil sectors, as sensitive.
China accounts for more than 30% of South Korea's exports, according to South Korea's News (Yonhap) reported.
bilateral trade between the two countries totaled about $270 billion last year, according to Chinese government figures.
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