BEIJING — China and the Republic of Korea have concluded substantive negotiations on a bilateral free trade agreement (FTA), the two heads of state announced in Beijing on Nov 10.

President Xi Jinping and his ROK counterpart Park Geun-hye confirmed the conclusion of the talks in a meeting on Nov 10 on the sidelines of the ongoing Asia-Pacific Economic Cooperation (APEC) meetings.

They also witnessed the signing of the minutes of the meeting by Commerce Minister Gao Hucheng and ROK’s Trade Minister Yoon Sang-jick on behalf of the two governments.

China and the ROK officially launched FTA talks in May 2012.

China is already the ROK’s largest trading partner and largest market for Korean exports, while ROK is China’s third most important trading partner and was the fifth biggest source of foreign investment in 2013.

Two-way trade totaled $274 billion last year, and the leaders have promised a rise to $300 billion by 2015.

Park Geun-hye arrived in Beijing on Nov 9 to attend the 22nd APEC Economic Leaders’ Meeting slated for Nov 10-11.