Top economic policymakers of South Korea and China agreed Friday to work closely together to quickly ratify the bilateral free trade pact reached last year.

In a meeting held in downtown Seoul, South Korea's Deputy Prime Minister Choi Kyung-hwan and Chinese Vice Premier Wang Yang said the free trade agreement is an important issue that directly impacts all sides, the finance ministry said.

The FTA, effectively agreed upon in November, has yet to be formally signed and must be approved by lawmakers of both countries to go into effect.

The two officials also exchanged views on the current state of the global economy and two-way economic ties. China is South Korea's largest export market.

Choi, who doubles as South Korea's finance minister, elaborated on the promising start of the won-yuan direct trading market and asked Beijing for continued interest in its growth.

The market launched on Dec. 1 aims to reduce overall exchange costs between the neighboring countries. In the past, two-way trade was almost exclusively carried out using the U.S. dollar.

In response, Wang, who is a member of China's Politburo and handles overseas economic affairs, said the direct won-yuan exchange market could help the Chinese currency become a medium of international trade. He added the two countries can share necessary ideas related to the exchange market. (Yonhap)