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"The Korea-China free trade agreement is now about a bilateral trade but is anticipated to play a pivotal role that will affect Asia and the whole world," Han Jae-Jin, a senior research fellow at Hyundai Research Institute (HRI), said in an interview.

Frequent exchanges of high-level visits, the success of two existing government-to-government projects, and the proposed third project in Chongqing will all inject fresh momentum into bilateral ties, he said.

The G20, a main forum for global economic and financial cooperation, accounts for around 85 percent of global GDP, 80 percent of world trade, and two-thirds of the human population.

Also on Monday, the second day of the Antalya summit, Xi shared his views on the reform of the International Monetary Fund (IMF) and anti-corruption.

During the High-Level Roundtable on South-South Cooperation co-hosted by China and the Untied Nations in late September, President Xi brought forth a four-point proposal and a package of initiatives to help boost development in developing countries.