China has urged a free trade agreement (FTA) with South Korea in order to help boost burgeoning trade and investment between the two countries, officials said Saturday.
The suggestion came as Chinese Commerce Minister Bo Xilai met with his South korean counterpart Chung Sye-Kyun, officials of the Ministry of Commerce, Industry and Energy said.
Bo stressed the need to push forward free trade agreement talks. Beijing seeks an FTA with Seoul to help ease its chronic trade deficit with South Korea.
Bo raised the same issue when he met with South Korean Trade Minister Kim Hyun-Chong here Friday, according to the Minitry of Trade and Foreign Affairs.
South Korea is reluctant to rush into an FTA with China amid fears that low-priced Chinese agricultural products could flood the domestic market, causing trouble for the country’s already impoverished farmers.
South Korea and China have agreed to make efforts to double bilateral trade to 200 billion dollars per year by the year 2012.
Bo also expressed concern over what he called a militant union at Ssangyong Motor, which was acquired by Shanghai Automotive Industry Corp. in October 2004.
Shanghai Motor bought a controlling stake of 48.9 percent in Ssangyong for 500 million dollars, becoming the first Chinese firm to own a major concern in the world’s fifth-largest auto market.
