China, S. Korea seek free trade
The South Korean Institute for International Economic Policy and the Development Research Center of China signed a memorandum of understanding in Beijing on Sunday (March 20) aimed at carrying out a feasibility study on establishing a free trade zone between the two countries. The countries will launch the study later this year. China is South Korea's largest trading partner, while South Korea ranks as China's fourth largest trading partner. China is the second and South Korea the third largest economy in Asia. The bilateral trade between the two countries exceeded $80 billion in 2004.