[FTA HONG] Summary of the Korea-China FTA (FTA utilization rate, FTA utilization by industry, and summary of highlights)
The Korea-China FTA, which took effect in 2015, made South Korea the first Asian country to form a free trade zone with the world's three largest economies - the US, EU, and China. The South Korean government made a lot of efforts to get the Korea-China FTA into effect, including airing advertisements on mainstream TV news programs to expedite the ratification process for the Korea-China FTA. The reason for this is China's enormous trade volume. China is the world's number one trading partner and our number one trading partner. (The United States is second). As of 2022, China is South Korea's first largest trading partner, and according to statistics from the Korea International Trade Association (KITA), South Korea exported about $155,789,389,000 to China and imported about $154,576,314,000. As of 2022, Korea-China FTA export utilization rate is 63.3% and import utilization rate is 88.5%. When looking at FTA utilization by industry, minerals are ...