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"The deal will be a new stimulus and growth engine for the South Korean economy," said Zhao. Under the pact, South Korea will eliminate tariffs on 79 percent of all products, or 9,690 items, from China within 10 years after the implementation of the treaty.

Deal may facilitate tri-partite agreement with Japan, broader regional partnership

Deal may facilitate tri-partite agreement with Japan, broader regional partnership

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China and South Korea on Wednesday initialed a bilateral free trade agreement as both sides are hoping to increase trade, according to a press release from China's Ministry of Commerce.

Deal may facilitate