China and South Korea have wrapped up their latest round of negotiations¹ on an impending² free trade agreement.

The FTA will cover 17 areas, including trade in goods and services, as well as bilateral³ investment.

This current round of talks has also dealt with trade rules, as well as topics such as e-commerce and government procurement⁴.

The deal will see South Korea eliminate tariffs⁵ on nearly 80 percent of all products from China within 10 years after the implementation⁶.

The Chinese side, in return, will remove tariffs on some 70-percent of all South Korean products.

Sun Yuanjiang is with China's Ministry⁷ of Commerce:

"The Sino-South Korean FTA plays a key role in the integration⁸ of the east Asian economy. The establishment of Sino-South Korean FTA will lay a good foundation for the Sino-Japanese-South Korean FTA and the Regional Comprehensive Economic Partnership⁹ FTA. The Sino-South Korean FTA is important for boosting the integration of the East Asian economy."

China and South Korea began their FTA talks in May 2012.

The two sides say they're hoping to officially sign the FTA sometime in the next few months, then put it into effect in the second half of the year.