S.Korea, China initial bilateral free trade agreement

South Korea and China initialed their Free Trade Agreement (FTA) on Wednesday, following their announcement of the conclusion of negotiations for the trade pact last November.

Through this bilateral accord, the largest number of Korean goods are expected to enjoy preferential tariffs, as it includes products manufactured at the sole inter-Korean joint industrial complex in Kaesong, according to Seoul's trade ministry.

Within 20 years after the FTA goes into effect, tariffs will be lifted on over 90 percent of all imported goods from both countries.

The two countries have agreed to finalize the official signing within the first half of this year.