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BEIJING, Nov. 10 -- China and the Republic of Korea (ROK) have concluded substantive negotiations on a bilateral free trade agreement (FTA), the two heads of state announced here Monday.

China and the ROK officially launched FTA talks in May 2012. Earlier reports said leaders of the two countries had announced in July that they would try to conclude the negotiations by the end of 2014.

China and the ROK have experienced two decades of booming bilateral trade. Two-way trade surpassed 270 billion U.S. dollars in 2013, nearly 50 times the volume in 1992.

ROK President Park Geun-hye arrived in Beijing Sunday to attend the 22nd Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting slated for Nov. 10-11.