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On 1 June 2015, the Ministry of Trade, Industry and Energy (MOTIE) announced The Republic of Korea (ROK) and China formally signed a bilateral free trade agreement (FTA) in Seoul today, opening a new era of their future partnership. The FTA started in May 2012. Both countries agree that in addition to promoting bilateral trade and investment, the FTA will serve as a platform to pursue cooperation for new growth engines in all directions between the governments and companies of both countries. The ROK government will submit a bill to the National Assembly for approval of the signed FTA and carry out its implementation as soon as possible in order to quickly bring its benefits to the country’s people and companies. The FTA will go into effect 60 days after both countries notify each other in writing of the completion of their local procedures for the implementation or on a set date agreed upon by both parties. |
