China, South Korea Conclude FTA as Regional Deals Stall

China, South Korea Conclude FTA as Regional Deals Stall
South Korean farmers hold signs reading “Block, the FTA between South Korea and China” during a rally opposing a free trade agreement with China in Seoul, South Korea, Nov. 20, 2014 (AP photo by Lee Jin-man).

Earlier this month, China and South Korea reached a free trade agreement (FTA). In an email interview, Tony Nash, global vice president of Delta Economics, discussed the implications of the China-South Korea FTA.

WPR: How comprehensive is the FTA with China compared to other high-profile FTAs South Korea has signed recently, and what explains any differences?

Tony Nash: China and South Korea have studied and discussed this agreement for over a decade. The concept of the FTA is quite comprehensive, with more than 90 percent of goods covered as well as interesting modalities around online purchases and government procurement, which is quite a bit further than many other recent agreements. However, tariff reductions kick in over the next 20 years, so full benefits will only be realized slowly, plus barriers remain in areas like agriculture and automotive.

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