Seoul: South Korea and China are set to hold a fresh round of follow-up negotiations on service and investment under their bilateral free trade agreement (FTA), Seoul’s trade ministry said Wednesday. Trade delegations from the two sides will hold the 14th round of follow-up negotiations throughout this week in Seoul, aiming to expand the countries’ FTA to include service, investment and finance.

According to Yonhap News Agency, Seoul and Beijing implemented their bilateral FTA in December 2015, removing major tariffs on products. The countries have held 13 follow-up meetings since 2018 to expand the scope of their bilateral trade pact to investment and service sectors.

During a bilateral summit held earlier this year in Beijing, President Lee Jae Myung and Chinese President Xi Jinping agreed to work to make progress in trade negotiations within this year, according to the ministry.

“To produce negotiation outcomes that can help our companies currently facing difficulties amid domestic and external uncertainties, the ministry will actively engage in trade talks so that the follow-up deal can create a free and open environment for trade in services and investment between the two countries,” Kwon Hye-jin, director general for trade negotiations at the ministry, said in a press release.