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Korea has initiated a free trade agreement (FTA) with China. The two countries have agreed to work for the official signing of the pact within the first half of the year, said Deputy Trade Minister Woo Tae-hee on Wednesday.
Following the deal, Korea will eliminate tariffs on 92 percent of imported items from China within the next 20 years. China will scrap tariffs on 91 percent of items imported from Korea, within the same period.
The deal makes Korea the only major economy to sign an FTA with the world's three biggest economies ― the U.S., China and the EU.
