“Korea, China must strengthen, increase economic ties thru expanded supply network”
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“Korea, China must strengthen, increase economic ties thru expanded supply network”
  • By Publisher Lee Kyung-sik, Editor Kevin Lee, Busi
  • 승인 2022.09.15 15:30
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Yoon says marking the 30th anniversary of Korea-China relations

By Publisher Lee Kyung-sik, Managing Editor Kevin Lee, Business Editor You Min-yul

President Yoon Suk-yeol of the Republic of Korea stated on Aug. 24, 2022, “Korea and China should try to strengthen and increase their relations and cooperation in the economic and security areas, especially though expansion of the network of supplies.”
Speaking on the occasion of the 30th anniversary of diplomatic relations between Korea and China, Yoon also expressed his desire to meet with his Chinese counterpart, President Xi Jinping of China.

 

President Park Geun-hye and President Xi Jinping of China (second from left and right, backdrop, respectively) applaude the signing of the the Korea-China Free Trade Agreement after trade ministers from Korea and China sign the document.
President Park Geun-hye and President Xi Jinping of China (second from left and right, backdrop, respectively) applaude the signing of the the Korea-China Free Trade Agreement after trade ministers from Korea and China sign the document.

Prime Minister Li Keqiang of China on that day also called for an undecayed progress in the follow-up Free Trade Agreement (FTA) negotiations with Korea as he described the two countries as ‘Inseparable’ neighbors who should work together to defend the bilateral supply chain stability.
According to a Yonhap News Agency report on that day, Prime Minister Li's remarks came at a time when Korea has been striving to maintain her economic partnership with China who is Korea’s largest trading partner.

Trade Minister Kim Hyun-chong (left) shakes hands with Chinese Commerce Minister Zhong Shan to discuss stronger Korea-China economic cooperation and trade, in Beijing on June 27, 2022,
Trade Minister Kim Hyun-chong (left) shakes hands with Chinese Commerce Minister Zhong Shan to discuss stronger Korea-China economic cooperation and trade, in Beijing on June 27, 2022,

Li said in a speech, "China and Korea are neighbors and inseparable partners and we must maintain mutual trust and be at peace with each other." His speech was delivered via virtual links during a Seoul-based business forum to mark the 30th anniversary of the establishment of the diplomatic relations.
According to the Yonhap Report, Li said, "I hope that both sides pursue safe development and promote regional peace by keeping equality, and considering each other's core interests and important matters.” Then added Li, “And I hope that the second phase negotiations for the China-Korea FTA will swiftly be concluded."

 

Prime Minister Li Keqiang of China (on the screen) delivers a congratulatory speech to mark the 30th anniversary of the establishment of diplomatic relations between South Korea and China, during a Seoul-based business forum co-hosted by the Korea Chamber of Commerce and Industry (KCCI), the Korea International Trade Association, the China Council for the Promotion of International Trade, and the Korea Trade and Investment Promotion Agency, in this photo provided by the KCCI on Aug. 24, 2022. 
Prime Minister Li Keqiang of China (on the screen) delivers a congratulatory speech to mark the 30th anniversary of the establishment of diplomatic relations between South Korea and China, during a Seoul-based business forum co-hosted by the Korea Chamber of Commerce and Industry (KCCI), the Korea International Trade Association, the China Council for the Promotion of International Trade, and the Korea Trade and Investment Promotion Agency, in this photo provided by the KCCI on Aug. 24, 2022. 

Working-level talks have been under way between Korea and China on expanding the FTA to include the opening up of markets to service and investment sectors. The Korea-China FTA went into effect in December 2015, with the removal of major tariffs.
Highlighting the importance of friendly win-win cooperation, Prime Minister Li proposed deepening the partnership in areas including advanced manufacturing, digital and green economy and climate change.
Li also emphasized ‘openness’ and ‘inclusion’ as principles that countries should adhere to.
Then emphasized that the two countries must uphold multilateralism and direction of economic globalization and defend stability of supply chains.

 

Chairman Chey Tae-won of the SK Group (left, facing the camera) and Chairman Chung Eui-sun of Hyundai Motors shake hands with each other at a meeting. They are among the top leaders in the Korean business world together with Vice Chairman Lee Jae-yong of the Samsung Business Group.
Chairman Chey Tae-won of the SK Group (left, facing the camera) and Chairman Chung Eui-sun of Hyundai Motors shake hands with each other at a meeting. They are among the top leaders in the Korean business world together with Vice Chairman Lee Jae-yong of the Samsung Business Group.

Li emphasized that the Regional Comprehensive Economic Partnership, a mega trade pact involving China, South Korea and ASEAN, will be a new driving force for the development and prosperity of the region.
Li's remarks were followed by a speech by Prime Minister Han Duck-soo of Korea who gave an online speech in which he called for efforts to strengthen substantive bilateral cooperation in economic and other international affairs.
Prime Minister Han emphasized, “The bilateral trade volume hit a record high of US$300 billion last year, a nearly 50-fold increase compared with when diplomatic ties were established.” Then he said, "While expanding the practical cooperation, the cooperation on international issues, such as global supply chain stability and climate change, should also be further strengthened."

 

The 17th South Korea-China Meeting on Economic Cooperation is held virtually on Aug. 27, 2022.
The 17th South Korea-China Meeting on Economic Cooperation is held virtually on Aug. 27, 2022.

Ranking participants in the event included Ambassador to China Ambassador Chung Jae-ho of Korea in China, Ambassador Xing Haiming of China in Seoul and Chairman Chey Tae-won of the SK Business Group, who concurrently heads the Korea Chamber of Commerce and Industry as chairman.
Korea-China relations especially stand out in the area of trade and economic cooperation between the two countries.
According to various news sources in Korea, in July 2022 China exported US$14.3 billion worth of goods and imported US$16.8 billion worth of goods from South Korea, which resulted in a negative trade balance of US$2.49 billion. Between July 2021 and July 2022, exports of China have increased by US$1.9 billion (15.3%) from US$12.4 billion to US$14.3 billion, while imports decreased by minus US$146 million (-0.86%) from US$16.9 billion to US$16.8 billion.

 

South Korea's Finance Minister Choo Kyung-ho speaks during the 17th Korea-China Meeting on Economic Cooperation held virtually on Aug. 27, 2022.
South Korea's Finance Minister Choo Kyung-ho speaks during the 17th Korea-China Meeting on Economic Cooperation held virtually on Aug. 27, 2022.
A signing ceremony of the China-Korea FTA agreement
A signing ceremony of the China-Korea FTA agreement
JD Worldwide, LG International and KITA join hands to introduce Korean brands to China.
JD Worldwide, LG International and KITA join hands to introduce Korean brands to China.
Chinese Commerce Minister Gao Hucheng, Japanese Minister of Economy, Trade and Industry Hiroshige Seko and the Republic of Korea’s Trade, Industry and Energy Minister Joo Hyung-hwan (left to right) pose for a photo before the 11th Economic and Trade Ministers’ Meeting among China, Japan and the Republic of Korea in Tokyo, Japan, Oct. 29, 2016. The trade ministers agreed on Oct. 29 to strengthen trade and economic cooperation between the three neighbors.
Chinese Commerce Minister Gao Hucheng, Japanese Minister of Economy, Trade and Industry Hiroshige Seko and the Republic of Korea’s Trade, Industry and Energy Minister Joo Hyung-hwan (left to right) pose for a photo before the 11th Economic and Trade Ministers’ Meeting among China, Japan and the Republic of Korea in Tokyo, Japan, Oct. 29, 2016. The trade ministers agreed on Oct. 29 to strengthen trade and economic cooperation between the three neighbors.
An employee oversees loading of cargo bound for the United States at Qingdao Port in Shandong Province.
An employee oversees loading of cargo bound for the United States at Qingdao Port in Shandong Province.

 


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