China and S Korea initiate free trade talks

Beijing (CNS) -- China and South Korea have officially started negotiations on the establishment of a Sino-South Korea free trade zone.

It has been two decades since the two countries formalized diplomatic ties. Bilateral trade experienced more than 23 percent growth last year, and China is South Korea's largest trade partner while South Korea is China's third largest.

The Chinese Commerce Minister, Chen Deming said negotiations are not limited to cargo trade but involves service trade, intellectual property rights, investment and other fields. The two parties will further expand this opening-up measure to extend mutual benefits and win-win results.

Chen added that in the big picture of the ongoing economic crisis and ensuing trade protectionism, negotiations will promote the integration of the Asian economy and and regional stability in general.