South Korea says "effectively" reaches free trade deal with China

November 10, 2014 04:12

South Korea said it has "effectively" reached a free trade agreement with China that will remove or sharply reduce barriers to trade and investment between the two global trade giants.

South Korean presidential spokesman Min Kyung-wook told a media briefing that leaders of the two countries were due to sign the agreement later on Monday after a summit meeting in Beijing.China is South Korea's largest trading partner, with bilateral trade amounting to $228.9 billion in 2013 - accounting for 21 percent of South Korea's total trade valued at $1.08 trillion, government data shows.

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