South Korean businesses have welcomed the fact that the country’s free trade agreement with China is set to take effect on December 20.
 
The Federation of the Korean Industries (FKI) said on Wednesday that the effectuation of the trade deal would pull down trade barriers between the two nations and create significant economic benefits by producing about 50-thousand jobs over the next decade in South Korea. 
 
The Korea Employers Federation said that the FTA is expected to boost competitiveness of South Korean companies in the global market by helping them advance into the Chinese market and increase their price competitiveness.
 
The Korea Chamber of Commerce and Industry also hailed the effectuation of the trade pact, calling for the government’s full support and guidance to maximize the benefits of the deal.
 
Meanwhile, South Korean conglomerates which have advanced into China by operating factories or businesses are reportedly considering expanding production and investment in China following the effectuation.