China, South Korea make positive progress in second phase FTA talks
National flags of China (R) and South Korea. (Photo: VCG)
China and South Korea have achieved positive progress on cross-border services trade and negative-list market access during the 16th round of second phase negotiations for the bilateral Free Trade Agreement (FTA), the Chinese Commerce of Ministry said on Wednesday.
During the latest talks, held in Beijing from August 31 to September 4, both sides agreed to accelerate the remaining negotiations and strive for an early conclusion, so as to lift openness in bilateral services trade and investment, contributing to the sound and stable development of their economic and trade relations, the ministry said in a statement on its website.
China and South Korea signed the FTA in June 2015, which officially entered into force on December 20, 2015. By June 2026, the two countries had implemented twelve rounds of tariff reductions under the agreement, driving the expansion of bilateral trade.
Since December 2017, both sides have been advancing the second phase negotiations of the FTA, which aims to further elevate the levels of trade in services and investment liberalization and facilitation between the two countries.
China is South Korea's largest trading partner, while South Korea ranks as China's second-largest trading partner.
According to the Chinese General Administration of Customs, two-way trade in 2025 reached $331.24 billion, up 1.2% year on year. From January to May 2026, bilateral trade volume surged to $186.14 billion, a 43.8% jump from the same period last year.