South Korea and China have agreed to sign a free trade deal that will remove tariffs on more than 90 percent of goods over two decades.

The announcement came as South Korean President Park Geun-hye met with Chinese President Xi Jinping at the Asia Pacific Economic Cooperation summit being held in Beijing.

South Korea's rice industry will not be included in the trade deal.

China and South Korea began the trade negotiations in May 2012.

Two-way trade between China and South Korea was $229 billion in 2013.