Agreement on Early Completion and Adoption of Korea-China Economic Cooperation Joint Plan
Confirmation of Intention to Sign Regional Comprehensive Economic Partnership within the Year
[Asia Economy Reporter Lim Cheol-young] The diplomatic authorities of South Korea and China, who have maintained non-face-to-face communication due to the COVID-19 pandemic, discussed ways to strengthen economic cooperation, including expanding entry for small and medium-sized entrepreneurs and increasing flights, in Qingdao, China. This was the first time that South Korean and Chinese diplomatic officials met face-to-face since the spread of COVID-19.
According to the Ministry of Foreign Affairs on the 3rd, Lee Seong-ho, Director-General for Economic Diplomacy Coordination, and Li Chenggang, Deputy Director-General of the Chinese Ministry of Commerce, met on the 1st in Qingdao, China, as chief representatives of South Korea and China for the "24th Korea-China Economic Joint Committee" meeting. Both sides emphasized that this was the first face-to-face cooperation since high-level communications such as the presidential phone calls in February and May. During the meeting, they exchanged views on the direction of economic cooperation, including supplementing the Korea-China fast-track system for entrepreneurs implemented since May 1 and early completion of the Korea-China economic cooperation joint plan.
At this meeting, the South Korean government first requested the Chinese side's cooperation to facilitate smoother entry for small and medium-sized enterprises and to continuously supplement systems such as expanding Korea-China flights. In response, the Chinese side evaluated that Korea-China quarantine and economic cooperation have become a model for the international community and agreed on the necessity to promote cooperation in areas that can create synergy between the two countries, such as digital and non-face-to-face industries after COVID-19.
In particular, both South Korea and China checked the progress of preparing the Korea-China economic cooperation joint plan to be promoted within the year before Chinese President Xi Jinping’s visit to South Korea and agreed to complete and adopt it as early as possible. They also discovered and implemented specific cooperation projects based on the "New Southern and New Northern Policy - Belt and Road Initiative Linked Cooperation 1.5 Track Joint Report" adopted at the end of last year.
The South Korean government also actively requested the Chinese side’s continuous cooperation to expand exchanges and cooperation between the two countries, such as recent activation of game, film, and broadcasting content exchanges, and requested strengthening cooperation in fields such as agriculture and food, health, and intellectual property rights.
In response, the Chinese side requested South Korea’s interest in strengthening local economic cooperation between Korea and China, including attending the International Import Expo scheduled to be held in Shanghai in the second half of the year, and suggested building a new cooperation model through projects such as the Korea-China Changchun International Cooperation Demonstration Zone. The two sides then confirmed their intention to sign the Regional Comprehensive Economic Partnership (RCEP) agreement within the year and South Korea requested support for its candidate running for the next Director-General of the World Trade Organization (WTO).
An official from the Ministry of Foreign Affairs explained, "During this meeting, China worked together to ensure that the South Korean delegation’s visit to China could proceed smoothly," adding, "Pre-quarantine measures such as self-health monitoring and COVID-19 (PCR) testing were conducted before departure, and the Chinese side also implemented quarantine measures for face-to-face diplomacy amid the COVID-19 situation, such as securing safe distances within the meeting venue and wearing masks throughout the schedule."
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