China, South Korea make positive progress in second phase FTA talks

China and South Korea achieved positive progress on cross-border services trade and negative-list market access during the 16th round of second-phase bilateral Free Trade Agreement (FTA) negotiations in Beijing. Building on the original 2015 FTA and twelve subsequent rounds of tariff reductions, both sides agreed to accelerate remaining talks to heighten openness in services trade and investment liberalization. The move aims to strengthen economic ties between the two close trading partners, following strong momentum that saw two-way trade reach $331.24 billion in 2025 and surge 43.8% year-on-year to $186.14 billion in the first five months of 2026 Credit : CGTN