South Korea and China Hold Trade Ministerial Meeting in Beijing, Focusing on FTA andSupply Chain Cooperation
Seoul, September 27, 2024 – South Korea and China held a trade ministerial meeting in Beijing today, aiming to advance bilateral economic cooperation and address key issues related to the implementation of agreementsreached at the recent trilateral summit between South Korea, China, and Japan.
The meeting was attended by South Korea’s Minister of Trade, Industry andEnergy, Jeong In-kyo, and China’s Vice Minister of Commerce, Wang Shouwen.
The two sides discussed concrete steps to implement the agreements reached during the trilateral summit held in May, focusing on:
- Progressing the Korea-China Free Trade Agreement (FTA) negotiations: Both sides agreed to hold follow-up negotiations on the services and investment aspects of the FTA later this year. They also decided to convene the fifth joint committee meeting of theFTA in Seoul at the ministerial level.
- Stabilizing supply chains: The meeting explored ways to enhance cooperation on supply chain resilience, including the launch of a joint supply chain task force. This initiative aims to address potential disruptions and ensure the smooth flow of essential goods between the two countries.
- Restarting the Investment Cooperation Committee: The two sides agreed to reactivate the Investment Cooperation Committee to promote bilateral investment and create a more favorable environment for businesses.
This meeting is a significant step towards strengthening economic ties between South Korea and China, said Minister Jeong. We are committed to working closely with China to implement the agreements reachedat the trilateral summit and to further deepen our economic cooperation.
The meeting comes at a time when both countries are seeking to strengthen economic ties and address global challenges, such as the ongoing trade tensions and supply chain disruptions. The discussions held today are expected to contribute to a more stable and prosperous economic relationship between South Korea and China.
References:
- Yonhap News Agency (2024, September 27). 韓中貿易部長會議在北京举行. Retrieved from [link to Yonhap News Agency article]
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