China, S Korea complete first-stage FTA talks

China and South Korea completed first-stage negotiations on the bilateral free trade agreement ( FTA), setting foundations for more in-depth talks over mutual opening and liberalization, Seoul's trade ministry said Friday.

"Both sides wrapped up the first-phase negotiations for the Sino-Korea FTA by agreeing on the modality (basic guidelines)," Woo Tae-hee, Seoul's assistance trade minister and a chief negotiator for the FTA with China, told a press briefing.

South Korea and China held the seventh round of first-stage FTA negotiations in Beijing for three days through Thursday. The two countries started such talks in May last year.

Woo noted that the first-stage talks set the foundation for the upcoming second-phase negotiations, which will discuss items allowed to be liberalized by lowering or removing tariff barriers.