China South Korea Photo:VCG

Chinese Commerce Minister Wang Wentao met with South Korean Minister of Trade, Industry and Resources Kim Jung-kwan in Beijing on Friday and the two officials exchanged views on implementing the important consensus reached by the two countries' leaders, the Ministry of Commerce (MOFCOM) said in a statement posted on its website.

The two officials shared views on advancing the second-phase negotiations of the China-ROK Free Trade Agreement (FTA), consolidating traditional areas of cooperation, expanding emerging areas of cooperation, and elevating the quality and upgrading China-ROK economic and trade cooperation, per the MOFCOM statement.

Wang said that not long ago, the leaders of China and the ROK reached important consensus on promoting the sound and stable development of bilateral relations, charting the course for the development of bilateral economic and trade ties.

The fourth plenary session of the 20th Central Committee of the Communist Party of China drew a grand blueprint for China's development in the next five years. China will steadfastly expand high-standard opening-up, which will create a broader space for China-ROK economic and trade cooperation, Wang said.

The two sides need to accelerate the second-phase negotiations of the China-ROK FTA and strive for an early conclusion. Also, there is need to cultivate new growth areas and foster new driving forces, actively promote cooperation in emerging areas, encourage and support subnational economic and trade cooperation, and deepen industrial and supply chain cooperation and trade and investment cooperation, said the Chinese minister.

The two sides need to strengthen collaboration within the World Trade Organization, the Asia-Pacific Economic Cooperation, the Regional Comprehensive Economic Partnership and other frameworks, and jointly uphold free trade and multilateralism, Wang said.

Minister Kim said that the ROK side is willing to work with the Chinese side to earnestly implement the important consensus reached by the two countries' leaders, speed up the second-phase negotiations of the ROK-China FTA, maintain stable and smooth industrial and supply chains, step up dialogue and communication in the field of trade remedies, deepen subnational economic and trade cooperation, and strengthen communication and coordination in regional and multilateral cooperation frameworks to jointly uphold the multilateral trading system, per the MOFCOM statement.

South Korea supports China as the host of the APEC meetings in 2026 and is willing to share experience in hosting the meetings, Kim said.

According to the Yonhap News Agency, Kim's visit also marked the first solo visit to China by a Korean industry minister since 2018.

The two ministers also decided to hold regular ministerial-level discussions, using both bilateral and multilateral platforms, to address economic and trade issues more effectively, according to Yonhap.

Global Times