With China being one of the world's fastest-growing economies, with GDP expanding at more than 7 percent a year, Zhao noted that South Korea has now gained a chance to make further significant inroads into the market.
Gu Xuebin, vice-president of the Beijing-based Chinese Academy of International Trade and Economic Cooperation, a think tank run by the Ministry of Commerce, said the FTA would not only allow more South Korean products to be sold cheaper in China, but will also help accelerate economic growth throughout the Korean Peninsula.
Toward a better deal
Timeline for China-South Korea free trade agreement
? 2005
Preparatory work on the free trade agreement begins
? May 2012
Official launch of the FTA negotiations
? November 2014
Substantive negotiations end after 14 rounds of talks
? Feb 25, 2015
FTA deal initialed
? June 1, 2015
FTA deal officially signed
Factbox
Free trade agreements already in place with
ASEAN; Pakistan; Chile; New Zealand; Singapore; Peru; Hong Kong (Mainland and Hong Kong Closer Economic Partnership Arrangement); Macao (Mainland and Macao Closer Economic Partnership Arrangement; Costa Rica; Iceland; Switzerland; and South Korea
Free trade agreements under discussion
Gulf Cooperation Council; Australia; Japan-Korea; Norway; Regional Comprehensive Economic Partnership; ASEAN FTA Upgrade Negotiations and Sri Lanka
SOURCE: MINISTRY OF COMMERCE
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