Discussion on Specific Linkage and Cooperation between New Southern and Northern Policies and the Belt and Road Initiative
Request for Continued Cooperation on Issuing 'Pan-Ho' for Korean Games
[Asia Economy Reporter Lim Cheol-young] The Korea-China Comprehensive Economic Cooperation Review Meeting was held on the 9th via a video conference between Seoul and Beijing, with Yang Dong-han, Director General of the Bilateral Economic Diplomacy Bureau at the Ministry of Foreign Affairs, and Feng Gang, Director General of the Asia Department at the Ministry of Commerce of China, serving as chief representatives.
This meeting is a director-level consultative body between the Ministry of Foreign Affairs and the Ministry of Commerce of China that comprehensively reviews the current status of economic cooperation between the two countries and exchanges opinions on future cooperation measures, including the discovery of new cooperative projects. Since its first meeting in 1993, it has been held almost annually. Despite difficulties in holding face-to-face meetings due to the spread of COVID-19, this comprehensive review meeting served as an opportunity to enhance mutual understanding of major issues in economic cooperation between the two countries and to exchange in-depth opinions on cooperation measures, following the 24th Korea-China Economic Joint Committee held in August.
At this meeting, both sides evaluated that through the operation of the Korea-China businesspeople fast-track, they have closely continued cooperation in response to COVID-19 by respecting each other's quarantine measures while ensuring essential movement and economic activities of businesspeople. They agreed to continue efforts to develop bilateral cooperative relations on a medium- to long-term basis.
Furthermore, both sides reviewed the preparation status of the Korea-China Economic Cooperation Joint Plan (2021?2025), which contains the economic cooperation blueprint for the next five years amid changing domestic and international economic environments, and agreed to accelerate efforts to draft the report. In particular, regarding the linkage and cooperation between the New Southern and Northern Policies and the Belt and Road Initiative, they agreed to achieve tangible results through the implementation of specific projects.
In response, the Chinese side evaluated that Korea and China were the first to establish the fast-track after COVID-19, becoming a global model case, and pledged to actively maintain the fast-track while making efforts to operate charter flights and resolve difficulties faced by small and medium-sized enterprises entering China.
Meanwhile, the Korean side emphasized the importance of expanding exchanges and cooperation between the two countries in fields such as cultural content, requested continuous cooperation from the Chinese side to resolve difficulties faced by Korean companies entering China in areas such as intellectual property protection and healthcare, and proposed closer communication in tourism and quarantine cooperation.
The Korean side also welcomed the recent issuance of a new game license for the Korean mobile game (Com2uS Summoners War) in China and requested the Chinese side’s cooperation to ensure continuous issuance of game licenses for Korean games. The Chinese side agreed to continue related communications. Furthermore, both sides agreed to strive to achieve tangible results that Korean and Chinese businesspeople can directly feel by supporting smooth economic activities of companies operating in both countries and to further expand and deepen Korea-China economic cooperation.
The Chinese side also requested Korea’s interest in expanding trade and investment through annual events such as the China International Import Expo and strengthening interregional economic cooperation, as well as cooperation regarding difficulties faced by Chinese companies in Korea. The Chinese side evaluated that there has been significant progress related to the Korea-China International Cooperation Demonstration Zone (Changchun) and expressed willingness to actively cooperate going forward. The Korean side expressed gratitude for the Chinese side’s support in expanding exchanges and cooperation with local governments such as Jiangsu Province, Shandong Province, and Guangdong Province, where many Korean companies have entered.
Meanwhile, both sides exchanged opinions on the evaluation of the global economy and the economic status of the two countries after COVID-19, as well as ways to promote regional and multilateral cooperation. They welcomed the signing of the Regional Comprehensive Economic Partnership (RCEP) and agreed to continue close communication between the two countries regarding the follow-up negotiations on the Korea-China Free Trade Agreement (FTA) services and investment, as well as the Korea-China-Japan FTA and related matters.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
