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South Korea, China Agree on Outline of Free-Trade Deal

Posted November 10, 2014

Under Economic Issues, International Trade Issues

(Wall Street Journal)

Deal Seen as Potential Challenge to U.S. Economic Influence

The leaders of China and South Korea have reached broad agreement on a free-trade deal that would allow Korean firms enhanced access to China’s huge market and mark a diplomatic victory of sorts for Beijing.

Chinese President Xi Jinping and Park Geun-hye of South Korea signed the outlines of a deal Monday and plan to reach a final agreement in 2015, South Korean officials said. The pact would need ratification by each country’s legislature to take effect.

Chinese officials and state media called it “the conclusion of substantive negotiations” rather than a final agreement, but heralded it as significant. Read more here.