More than seven in 10 South Korean companies support a free trade agreement between China and South Korea, calling for the government to take proactive measures to minimize potential damage, a poll showed Sunday.

The survey of 500 South Korean companies conducted by the Korean Chamber of Commerce and Industry found that 71.3 percent of the respondents favored an FTA with China, with 28.7 percent opposing it.

However, 84.8 percent of the companies polled said that the South Korean government should put top priority on countermeasures to minimize potential damage to the local industries.

“Given the extent of economic cooperation between South Korea and China, most of South Korean companies seem to have shared views that the FTA with China is necessary for the sustainable development of the South Korean economy,” the KCCI said. (Yonhap News)

The companies predicted that the sectors of automobiles, IT, petrochemicals, machinery and foods will suffer losses from an FTA with China, while the steel and household items industries will benefit from the pact.

China is South Korea’s largest trading partner, with bilateral trade expected to reach $300 billion by 2015.

In early May, the two countries announced the launch of formal free trade negotiations, expecting the talks to take two years.

Since 2008, South Korea and China have held a series of joint feasibility studies on a possible free trade deal and exchanged views on sensitive issues. (Yonhap News)