Korea, China can conclude trade talks in 2 years: Lee

BEIJING (Yonhap News) ― South Korea and China can conclude bilateral free trade negotiations in two years if both sides find a compromise on “sensitive issues” for each other, such as agricultural and fishery products for Seoul, President Lee Myung-bak said in an interview televised Saturday.

Earlier this month, Seoul and Beijing declared the launch of government-level negotiations to forge a bilateral pact to free up trade between the two of Asia’s biggest economies. The first round of talks are expected to take place later this month.

The announcement raised concern South Korea’s farm and fishery sectors could take the brunt of free trade with China, with cheap Chinese products flooding local markets. Officials in Seoul said they will try to ensure to get farm products to be treated as exceptions to protect local farmers.

“We have high expectations from the perspective that the two countries should forge an FTA,” Lee said in an interview with China’s CCTV station broadcast Saturday. “Should an agreement be reached on sensitive issues, I believe it won’t be difficult for the two countries to forge an FTA within two years.”

Sensitive items for South Korea include agricultural and fishery products as well as products manufactured by small and medium-sized firms, Lee said, stressing that if the sides can reach compromises on these items and conclude negotiations, (a Korea-China) FTA can “produce greater outcomes than any other FTAs.”