South Korea and China will continue their latest round of free trade agreement (FTA) negotiations over the weekend, a senior South Korean official said Friday, noting progress in the last attempt to reach a deal before the start of a regional summit.
The trade ministry official, however, stressed that there were still a few issues yet to be resolved.
"We are continuing to make progress, but the two sides still remain divided over the key issues," the official told Yonhap News Agency over the phone.
Ministry officials have cited market access as one of those key issues. China wants South Korea to open up its agricultural market more, while South Korea wants its industrial products to have greater access to the Chinese market.
The latest round of FTA talks, the 14th of its kind, was originally scheduled for one day. In a clear sign that they are making last-minute efforts for a deal, the two countries have sent their trade ministers to the negotiations, the first such high-level round since the FTA talks started in May 2012.
The countries' heads of state have agreed to conclude the FTA negotiations before the year's end, but China is reportedly seeking to complete the talks before the start of the APEC summit so that they can make an announcement when they meet at the regional conference.
The Asia-Pacific Economic Cooperation summit will be held Monday and Tuesday in Beijing. South Korean President Park Geun-hye and her Chinese counterpart, Xi Jinping, are set to hold a bilateral summit Monday.
"The ministers have agreed to meet again as they will remain here over the course of the weekend for APEC ministerial talks," the official said. "Under the worst scenario, they will have to meet on Monday, just before the leaders hold a bilateral summit."
The South Korea-China FTA, if signed, will be one of the largest trade deals Seoul has signed as China already accounts for over one-fourth of South Korea's overall exports. It is also expected to be the highest level of its kind signed by Beijing. (Yonhap)
