President Yoon Suk-yeol Holds Bilateral Meeting with Premier Li Qiang
Establishment of Korea-China Diplomatic and Security Dialogue... First Meeting Next Month
Resumption of FTA Negotiations... Opening Up to Culture, Tourism, and Legal Fields
President Yoon Suk-yeol and Premier Li Qiang of the State Council of China are shaking hands during a meeting held at the Presidential Office in Yongsan, Seoul, on the 26th. [Image source=Yonhap News]
South Korea and China will significantly strengthen cooperation in areas such as economy, trade, diplomacy, and supply chains. They agreed to increase investment and supply chain cooperation through the Korea-China Investment Cooperation Committee and the Korea-China Export Control Dialogue, and to resume the second phase of Free Trade Agreement (FTA) negotiations to open up cultural, tourism, and legal sectors between the two countries. Additionally, in the diplomatic field, they agreed to establish the Korea-China Diplomatic and Security Dialogue to continue high-level talks.
President Yoon Suk-yeol and Chinese Premier Li Qiang held a bilateral meeting on the afternoon of the 26th at the Yongsan Presidential Office to align their views on these cooperation measures. Premier Li visited Korea on this day to attend the Korea-Japan-China summit scheduled for the 27th. This visit marks the first time a Chinese premier has visited Korea in nine years since Premier Li Keqiang in 2015.
Kim Tae-hyo, the First Deputy Director of the National Security Office, briefed reporters on the outcomes of the bilateral meeting, saying, "President Yoon proposed that communication between Korea and China should continue regardless of any internal or external circumstances, and Premier Li responded that he hopes such productive dialogues as today’s will continue."
Kim also explained that Premier Li told President Yoon, "China wants to be a good friend, good neighbor, and good partner to Korea. We hope to continue developing friendly relations and enhance mutual trust between Korea and China."
President Yoon and Premier Li agreed to establish the Korea-China Diplomatic and Security Dialogue in the diplomatic sector first. The first meeting will be held in mid-next month. This is a '2+2' dialogue mechanism between the Ministries of Foreign Affairs and Defense. A vice minister from the Ministry of Foreign Affairs and a senior official at the director-general level from the Ministry of Defense are expected to participate.
President Yoon Suk-yeol listens to Premier Li Chang's remarks during a meeting with the Chinese Premier at the Presidential Office in Yongsan, Seoul, on the 26th. [Image source=Yonhap News]
In the investment sector, they agreed to resume the Korea-China Investment Cooperation Committee, which has been suspended for 13 years. This is a ministerial-level consultative body involving the Ministry of Trade, Industry and Energy from Korea and the Ministry of Commerce from China. Kim said, "It is reasonable to expect revitalization of trade and investment between the two countries."
President Yoon told Premier Li on this day, "I hope that our companies will invest more actively in China and that companies already operating there can conduct business with greater confidence through economic and investment support policies aligned with global standards."
In response, Premier Li said, "We will continue to promote marketization based on the rule of law and further enhance internationalization," according to the presidential office.
Notably, during the bilateral meeting, they agreed to resume the second phase of Korea-China FTA negotiations. The Korea-China FTA has been in effect since December 2015, and through the second phase of negotiations, they plan to expand the scope of liberalization beyond goods trade to include the services sector.
Kim explained, "They agreed to continue discussions to expand exchanges and openness between the two countries in areas such as culture, tourism, and legal sectors."
In the supply chain sector, a new Korea-China Export Control Dialogue will be launched. This dialogue is expected to serve as a channel to strengthen cooperation and communication on supply chains between the two countries. The existing Korea-China Supply Chain Cooperation Coordination Council and the Korea-China Supply Chain Hotline will also be operated more actively.
Additionally, the second meeting of the Korea-China Economic Cooperation and Exchange Conference will be held in the second half of the year. Kim said regarding this meeting, "It is expected to develop into a consultative body where businesspeople and central and local governments from both countries can directly interact and build networks."
In the social and cultural fields, Korea and China agreed to strengthen police cooperation on transnational crimes related to drugs, illegal gambling, and fraud. They also agreed to reactivate the Korea-China Humanities Exchange Promotion Committee and to resume youth exchange programs this year.
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