With China being one of the world's fastest-growing economies, with GDP expanding at more than 7 percent a year, Zhao noted that South Korea has now gained a chance to make further significant inroads into the market.

Gu Xuebin, vice-president of the Beijing-based Chinese Academy of International Trade and Economic Cooperation, a think tank run by the Ministry of Commerce, said the FTA would not only allow more South Korean products to be sold cheaper in China, but will also help accelerate economic growth throughout the Korean Peninsula.

Toward a better deal

Timeline for China-South Korea free trade agreement

? 2005

Preparatory work on the free trade agreement begins

? May 2012

Official launch of the FTA negotiations

? November 2014

Substantive negotiations end after 14 rounds of talks

? Feb 25, 2015

FTA deal initialed

? June 1, 2015

FTA deal officially signed

Factbox

Free trade agreements already in place with

ASEAN; Pakistan; Chile; New Zealand; Singapore; Peru; Hong Kong (Mainland and Hong Kong Closer Economic Partnership Arrangement); Macao (Mainland and Macao Closer Economic Partnership Arrangement; Costa Rica; Iceland; Switzerland; and South Korea

Free trade agreements under discussion

Gulf Cooperation Council; Australia; Japan-Korea; Norway; Regional Comprehensive Economic Partnership; ASEAN FTA Upgrade Negotiations and Sri Lanka

SOURCE: MINISTRY OF COMMERCE