'30th Anniversary of Diplomatic Relations' Korea-China Hold Economic Ministers' Meeting After 2 Years... Establishment of Supply Chain Consultative Body

[Asia Economy Sejong=Reporter Kim Hyewon] This year, marking the 30th anniversary of diplomatic relations between Korea and China, the economic ministers' meeting between the two countries was held for the first time in two years. Korea and China agreed to establish a director-general level consultative body to discuss supply chain issues and to expand exchanges on carbon neutrality policies, promoting economic cooperation.

According to the Ministry of Economy and Finance on the 27th, Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho held the 17th Korea-China Economic Ministers' Meeting via video conference with He Lifeng, Chairman of the National Development and Reform Commission of China. This was the first Korea-China economic ministers' meeting in about 1 year and 11 months since October 2020.

First, the two countries signed a Memorandum of Understanding (MOU) to strengthen supply chain cooperation for the first time and agreed to establish a director-general level coordination consultative body to discuss supply chain issues in the future. Through this, the government plans to secure a discussion channel in case of supply chain instability and further strengthen policy communication between the two sides.

An MOU to strengthen practical cooperation in the economic field was also signed on the occasion of this meeting. Based on this, the government plans to enhance exchanges not only between governments but also among companies, local cities, and research institutes, and to jointly hold the "Korea-China Economic Cooperation Exchange Meeting" annually, including participation from the private sector.

In addition, through an MOU on key projects for joint advancement into third countries, cooperation will be strengthened for five projects currently jointly undertaken by companies from both countries. The two countries also agreed to expand policy exchanges to achieve carbon neutrality goals. Policy cooperation, which had been focused on fine dust, will be extended to the eco-friendly low-carbon development sector, with plans to continue cooperation in climate and environmental fields in the international community.

Furthermore, the two countries will share experiences related to the development of cultural and other service industries and strengthen exchanges and cooperation such as cultural industry symposiums. In particular, the Korean government emphasized the importance of development in cultural fields such as games, video, broadcasting, and content, while the Chinese side proposed cooperation with Korea in lifestyle service sectors such as health and elderly care.

Based on these contents, the Korea-China Economic Ministers' Meeting agreed on a memorandum of understanding. Deputy Prime Minister Choo said, "Based on the growth and development between Korea and China over the past 30 years, we will normalize exchanges that had stagnated due to past events such as COVID-19 in response to rapidly changing international environmental changes, and jointly respond to current global uncertainties." He also requested China's support for Korea's bid to host the 2030 World Expo in Busan. The next meeting is scheduled to be held in Korea next year.