Chinese President Xi Jinping and his South Korean counterpart Park Geun-hye vowed to work to finish the negotiations of a bilateral free trade agreement (FTA) before the end of 2014, Chinese news agency Xinhua reported.
The two leaders praised the progress the two countries have made in reaching a high-level and comprehensive FTA over ten rounds of talks since negotiations started in May 2012, a joint statement said after they met in Seoul where Xi is visiting.
When finalized, FTA is expected to help the two countries advance mutual complementarity of markets and strengthen their regional economic integration.
China and South Korea pledged to promote bilateral trade and expand their trade volume to $300 billion in 2015, the statement said. Trade between the two countries surpassed $270 billion in 2013, equaling South Korea's trade volume with the United States and Japan combined, according to Xinhua.
The Chinese president arrived Thursday in Seoul in what is his first visit to a neighboring country since taking office last year.