Strengthening Economic Cooperation Between Korea and China on the 30th Anniversary of Diplomatic Relations

KOTRA China Regional Headquarters Hosts Korea-China Diplomatic Relations 30th Anniversary Forum
Expanding Beyond Trade to Cultural Content Sector

[Asia Economy Beijing=Special Correspondent Jo Young-shin] Experts from Korea and China have called for actively utilizing the Regional Comprehensive Economic Partnership (RCEP) to further strengthen Korea-China trade relations. RCEP is a free trade agreement involving a total of 15 countries, including Korea, China, Japan, Australia, and New Zealand, which has been gradually implemented since January.

On the 30th, the KOTRA China Regional Headquarters held the 'Korea-China Economic Cooperation Plaza' to commemorate the 30th anniversary of diplomatic relations between Korea and China.

Li Qingli, Director of the International Cooperation Center at China's National Development and Reform Commission (NDRC), attended the "Korea-China Economic Cooperation Plaza" hosted by KOTRA's China regional headquarters on the 30th to commemorate the 30th anniversary of Korea-China diplomatic relations, emphasizing economic cooperation between the two countries.

Director Li stated, "Trade and economy between China and Korea have a complementary relationship," adding, "We should take RCEP as an opportunity for development and promote substantial cooperation in various fields."

He emphasized, "RCEP will provide freedom and convenience in investment and trade," and "Cooperation will be realized not only in investment in goods but also in the service sector." He further noted, "There are various areas of cooperation between China and Korea, such as digital technology, artificial intelligence (AI), and new energy," adding, "It is time for China and Korea to form consultative bodies that transcend regions and sectors to strengthen cooperation."

Tu Xinchuan, a researcher at the China WTO Research Institute of the University of International Business and Economics, explained, "RCEP is the largest free trade area in the world in terms of population (2.27 billion people) and economic and trade scale," and described RCEP as "a natural free trade area equipped with all excellent conditions necessary for free trade."

Calls were also made for cooperation in the cultural content sector between Korea and China. Hong Chang-pyo, head of KOTRA's China regional headquarters, stated in a presentation titled "Retrospect and Prospects of the 30th Anniversary of Korea-China Diplomatic Relations" that "While the two countries have strengthened economic cooperation based on geographical proximity and cultural affinity, cooperation in the cultural content sector has been insufficient," and suggested, "It is worth considering a Korea-China joint venture approach where China invests capital and participates in production, and Korea is responsible for planning and content, jointly entering the global market."

Yoo Bok-geun, Economic Officer at the Korean Embassy in China, said, "Since the establishment of diplomatic relations, the two countries have become partners promoting each other's economic development over the past 30 years," adding, "With geographical proximity as well as world-class digital infrastructure and cultural content supply capabilities, they will be optimal cooperation partners in various fields."