South Korea hails the signing of Sino-US agreement over China's accession to the World Trade Organization (WTO) and expects to see more profits than losses from the accession.

South Korean media reports on November 16 said that South Korea will not suffer a grave impact by China's entry into WTO at least for the time being though some warned of a possible fall of South Korea's product competitiveness overseas.

South Korean auto exports to China, whose demand for cars in the next 10 years will reach three to four million units, are sure to grow if import duties are lowered.

In electronics, South Korean exports to China, especially high- quality products such as large TV sets, multifunctional VCRs and large refrigerators, will jump if the tariff rate of 30 percent on industrial products falls below 15 percent over time, said officials of the Ministry for Foreign Affairs and Trade.

Meanwhile, South Korean petrochemical exports to China such as ethylene, HDPE and LDPE are expected to soar after tariff rates are cut. South Korea's petrochemical industry can take advantage of China's WTO membership. China's demand in this field will surge 20 percent a year while the capacities of the facilities will rise some eight percent over the next 10 years.

In terms of South Korean exports of high-end steel to China, they are likely to increase and its exports of chemical fiber yarn are also to rise.

The South Korean agricultural products will not see a sudden change as the country gives China the same customs status as other WTO member states do under the bilateral most favored nation agreement, said the Ministry of Foreign Affairs and Trade.

South Korean exports of processed food products and high-valued added agricultural products are expected to increase.

However, the South Korean International Trade Association predicted that exports from China to South Korea will increase more than those from latter to the former in the future, and South Korean industry may be hurt by a flood of low-priced consumer goods from China. (Xinhua)