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Korea‚ China Hold 2nd FTA Talks on Jeju Island

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저작물명
Korea‚ China Hold 2nd FTA Talks on Jeju Island
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저작자 미상 (저작물 2267374 건)
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KOGL 출처표시, 상업적, 비상업적 이용가능, 변형 등 2차적 저작물 작성 가능(새창열림)
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2012-07-04
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The second round of free trade negotiations between Korea and China is currently under way on Korea's southernmost resort island of Jeju.
The talks come less than two months after the two countries held their first meeting in Beijing in May‚ where they set up the basic framework for the bilateral trade pact.
This time around‚ Korean deputy minister for FTA‚ Choi Seok-young‚ and his Chinese counterpart Yu Jianhua will discuss the scope of the trade deal and set up working groups on each segment.
China is Korea's largest trading partner‚ accounting for a quarter of the country's total exports.
The bilateral trade deal is expected to boost Korea's gross domestic product by over two percent in 10 years garnering more than 27 billion U.S. dollars in economic benefits.
Yet strong opposition from local farmers and fishermen remain as a hurdle to swift ratification of the deal.
Once the Korean market is open to cheaper produce from China‚ fruit production is expected to drop by over one billion dollars and vegetables by nearly one million dollars over a ten year period
Local farmers and fishermen are planning a mass protest at the venue of the negotiations on Wednesday and Thursday.
[Reporter : Hwang Sung-hee
ssung86@arirang.co.kr] "Once they wrap up the three-day meeting here‚ Korean Deputy Minister for FTA Choi Seok-young will hold a press briefing on the results of the meeting back in Seoul on Friday. The two sides are expected to meet for a third round of negotiations in about two months in China.
Hwang Sung-hee‚ Arirang News‚ Jeju."
Korea's agriculture sector is widely expected to be the most negatively affected by a trade deal with China‚ but Korea's agriculture minister says Seoul will come up with a long-term plan to support and enhance the level of the nation's agriculture.
The ministry will also expand subsidies from the current seven hundred billion won‚ or about six billion US dollars. to roughly 8 billion dollars.
Reporter : ssung86@arirang.co.kr
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