http://www.nytimes.com/2014/11/11/business/south-korea-and-china-reach-trade-accord.html 2014-11-10 06:33:41 South Korea and China Reach Trade Accord The pact, to be signed on Monday between Seoul and its largest trading partner, will have to be ratified by the two nations. === SEOUL, South Korea — China and South Korea planned to declare on Monday that they have reached a trade agreement that would further deepen their economic ties, officials here said. President The trade ministers of the two nations will sign the agreement later Monday, Ms. Park’s spokesman, Min Kyung-wook, told a media briefing. Such a deal has yet to be ratified by the parliaments of the two nations. In South Korea, opposition lawmakers and farmers have resisted trade agreements while the government has vigorously pursued them to maintain momentum in the economy. China is already South Korea’s largest trading partner, with bilateral trade amounting to $228.9 billion in 2013, or 21 percent of South Korea’s total trade valued at $1.08 trillion. The new deal will further increase bilateral trade by removing or sharply reducing barriers to trade and investment between the two global export powerhouses, officials here have said. South Korea’s economy depends heavily on exports. The deal with China follows South Korea’s trade agreements with the United States and the European Union. South Korea and China have been negotiating a trade accord since 2012. During their last summit meeting in July, Mr. Xi and Ms. Park had agreed to sign a deal by the end of the year. Negotiators from both nations have been haggling over tariff cuts. South Korea has requested a wider range of cuts on industrial products, such as cars, machinery and oil products. China made similar demands on farm and fisheries products.