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Apart from cheaper products, analysts say the free trade agreement between China and South Korea will also give both countries an opportunity to jointly create and develop advanced industries.

Following the implementation, the FTA is expected to boost the two countries' annual bilateral trade to over 300 billion US dollars, a 39.5 percent hike compared to 2012. And it is also expected to contribute 1 to 2 percentage points in China's GDP growth.

China and South Korea have changed their trade focus from low value-added industries to advanced sectors, but both sides need more advancement in each industry structure.

Insiders say the FTA will become a win-win solution for the two countries.

"Companies from South Korea and China will both carry out adjustments on their differences and avoid direct competition with each other. So, both of them will improve their international competitiveness through structural adjustment and reform," said Zhang Yansheng, the Academic Committee Secretary-General of NDRC.