China, Korea Reach Trade Deal as Xi, Park Meet in Beijing
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China and South Korea concluded talks for a free trade pact that will boost shipments between Asia’s largest and fourth-largest economies.
China will immediately eliminate duties on $8.7 billion worth of annual trade when the agreement goes into force, and end duties on $45.8 billion of Korean exports over 10 years, Korea’s trade ministry said today in an e-mailed statement. Korea will maintain import tariffs on 60 percent of agriculture and fisheries imports from China.