China News Agency, Beijing, August 3 (Reporter Li Xiaoyu) The China-Korea Joint Economic and Trade Committee held its 24th meeting recently. An official from the Ministry of Commerce of China revealed on the 3rd that the two countries agreed to actively promote the second phase of the China-South Korea Free Trade Agreement negotiations, and strive to tap more trade areas and potential.
The person in charge of the Asia Department of the Ministry of Commerce said that China and South Korea held meetings in the form of opposites under the line to promote the gradual restoration of intergovernmental economic and trade exchanges and cooperation, demonstrating China’s determination and will to further expand its opening up under normal epidemic prevention and control. This is a clear and positive signal for China and South Korea to firmly develop bilateral economic and trade relations.
The person in charge said that China and South Korea reached a series of consensus during this meeting. The two sides agreed to continue to further promote China’s “One Belt One Road” initiative and South Korea’s “New South” and “New North” policy docking cooperation, actively promote the second phase of the China-South Korea Free Trade Agreement negotiations, and accelerate the preparation of the China-Korea Joint Economic and Trade Cooperation Plan (2021- 2025)". The two sides agreed to actively organize various economic and trade promotion activities to support the two-way investment of powerful and reputable companies in the two countries.
In terms of industrial docking and cooperation, China and South Korea agreed to strengthen docking, jointly promote industrial cooperation to drive trade and investment cooperation in various fields, and cultivate new growth points for economic and trade cooperation between the two countries in the post-epidemic era.
The two sides also agreed to continue to strengthen communication and coordination under regional and multilateral frameworks, promote the signing of the Regional Comprehensive Economic Partnership Agreement (RCEP) within the year as scheduled, advance the negotiation of a China-Japan-Korea free trade agreement, and safeguard the multilateral trading system.
In recent years, trade and investment exchanges between China and South Korea have been close. China is South Korea's largest trading partner, largest export market and largest source of imports, and South Korea is China's third largest trading partner. According to Chinese statistics, as of the end of 2019, South Korea’s actual investment in China had accumulated to US$82.58 billion, and China’s actual investment in South Korea had accumulated to US$7.87 billion. (Finish)