Under the FTA, which was initialed and exchanged with China's Ministry of Commerce in Beijing, the two agreed to offer preferential treatment to each other's financial companies and establish a joint organization to deal with bilateral business issues.
Zhao Zhongxiu, a trade professor at the University of International Business and Economics in Beijing, said the FTA will become South Korea's most significant trade pact because China is already its largest trading partner.
South Korea has set a goal of bilateral trade with China of $300 billion in 2015
