(MENAFN- Kuwait News Agency (KUNA)) Chinese President Xi Jinping and his South Korean counterpart Park Geun-hye on Monday exchanged congratulations on the signing of a bilateral free trade agreement (FTA), hailing the achievement as a milestone in bilateral relations, China's state media reported.
"With both countries being important economies in East Asia and the Asia-Pacific region, the signing of the China-South Korea FTA will not only lead to new leaps in bilateral trade and economic ties and bring tangible benefits to the two peoples, but also allow them to make greater contributions to regional economic integration and global economic development," Xinhua News Agency quoted Xi as saying.
"China has become South Korea's largest trade partner and largest destination of overseas investment, while South Korea has become China's third largest trade partner and fifth largest source of overseas investment," Xi noted.
Earlier in the day, Chinese Commerce Minister Gao Hucheng and his South Korean counterpart Yoon Sang-jick signed the FTA in Seoul, three years after the two countries began talks in May 2012.
For her part, Park said the deal would play a positive role not only in promoting the prosperity of the two countries and the broader East Asia but also in galvanizing global economic growth.
"South Korea and China should work together to help their people and enterprises take full advantage of the FTA and enjoy more benefits," Park suggested.
Under the accord, within 20 years after the implementation of the deal, South Korea will eliminate tariffs on 92 percent of all products from China, while China will abolish tariffs on 91 percent of all imported South Korean goods.
The pact, the largest bilateral free trade deal for China in terms of trade volume, will take effect after getting approval from the parliaments of both countries.
During the talks on the sidelines of the signing ceremony, Gao and Yoon exchanged views about various issues, including a regional economic integration via the trilateral FTA between Beijing, Seoul and Tokyo as well as the Regional Comprehensive Economic Partnership, which is a multilateral FTA that will include China, South Korea, Japan, India, Australia, New Zealand and 10 members of the Association of Southeast Asian Nations (ASEAN).
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