Resumption of Korea-China FTA Negotiations 'Expansion of Openness'... Launch of Supply Chain Cooperation Body (Comprehensive)

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

Li Chang, Premier of the State Council of China, is speaking at a meeting with President Yoon Suk-yeol held on the 26th at the Presidential Office in Yongsan, Seoul. [Image source=Yonhap News]

South Korea and China will resume the second phase of their Free Trade Agreement (FTA) negotiations. Through this, they plan to expand openness beyond existing goods trade to include culture, tourism, and legal sectors. Additionally, the Korea-China Investment Cooperation Committee and the Korea-China Export Control Dialogue will be activated to significantly strengthen investment and supply chain cooperation between the two countries. In the diplomatic field, a Korea-China Diplomatic and Security Dialogue will be established to continue high-level talks.

President Yoon Suk-yeol and Chinese Premier Li Qiang held a bilateral meeting at the Yongsan Presidential Office from 3:05 PM to 4:10 PM on the 26th, agreeing to enhance cooperation in areas such as economy, trade, diplomacy, and supply chains. Premier Li visited South Korea on this day to attend the upcoming Korea-Japan-China summit scheduled for the 27th. This visit marks the first by a Chinese premier in nine years since Premier Li Keqiang in 2015.

Kim Tae-hyo, First Deputy Director of the National Security Office, briefed reporters on the outcomes of the bilateral meeting, stating, "President Yoon proposed that communication between Korea and China should continue regardless of any domestic or international circumstances, and Premier Li responded that he hopes such beneficial 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 South Korea. We hope to continue developing friendly Korea-China relations and enhance mutual trust."

President Yoon Suk-yeol is greeting Li Qiang, Premier of the State Council of China, at the Yongsan Presidential Office Building in Seoul on the 26th.
[Image source=Yonhap News]

Resumption of Korea-China Investment Cooperation Committee after 13 Years

President Yoon and Premier Li agreed to first resume the Korea-China Investment Cooperation Committee, which has been suspended for 13 years. This ministerial-level consultative body involves South Korea’s Ministry of Trade, Industry and Energy and China’s Ministry of Commerce. Kim said, "We can expect this to boost trade and investment between the two countries."

President Yoon told Premier Li, "I hope that our companies can invest more actively in China and that those already operating there can conduct business with greater confidence through economic and investment support policies aligned with global standards."

In response, Premier Li reportedly said, "We will continue to promote marketization based on the rule of law and further enhance internationalization," according to the presidential office.

FTA Phase 2 Negotiations... Expansion of Service Sector Openness

Notably, the bilateral meeting agreed to resume the second phase of the Korea-China FTA negotiations. The Korea-China FTA has been in effect since December 2015, and through the second phase, the plan is to expand the scope of openness beyond goods trade to include the service sector.

Kim explained, "We agreed to continue discussions to expand exchanges and openness between the two countries in areas including 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 for strengthening supply chain cooperation and communication between the two countries.

The existing Korea-China Supply Chain Cooperation Coordination Committee and the Korea-China Supply Chain Hotline will also be more actively operated to manage the stable supply of raw materials and critical minerals.

Additionally, the second Korea-China Economic Cooperation Exchange Meeting will be held in the second half of the year. Kim said regarding this meeting, "We expect it to develop into a consultative body where businesspeople, central governments, and local governments from both countries can directly interact and build networks."

Li Qiang, Premier of the State Council of China, is speaking at a meeting with President Yoon Suk-yeol held on the 26th at the Presidential Office in Yongsan, Seoul. [Image source=Yonhap News]

Establishment of Korea-China Diplomatic and Security Dialogue... First Meeting Next Month

In the diplomatic field, it was decided to establish a Korea-China Diplomatic and Security Dialogue, with the first meeting scheduled for mid-next month. This is a ‘2+2’ dialogue mechanism between the foreign ministries and defense ministries of both countries. The foreign ministry will be represented by vice ministers, and the defense ministry by senior officials at the director-general level.

The presidential office explained that, in addition to the Diplomatic and Security Dialogue, "1.5-track dialogues and strategic dialogues between deputy foreign ministers will also be resumed as communication channels in the diplomatic and security fields between the two countries."

In the social and cultural sectors, Korea and China agreed to strengthen police cooperation against transnational crimes related to drugs, illegal gambling, and fraud. This aims to practically enhance the safety of citizens in both countries. Furthermore, the Korea-China Humanities Exchange Promotion Committee will be reactivated, and youth exchange programs will resume this year.

President Yoon Suk-yeol is moving to hold a bilateral meeting with Li Qiang, Premier of the State Council of China, at the Yongsan Presidential Office Building in Seoul on the 26th.
[Image source=Yonhap News]

President Yoon: "China Should Play a Role as a Bastion of Peace"

The meeting did not mention Chinese President Xi Jinping’s visit to South Korea.

A presidential office official said, "Today was a meeting with the Chinese premier, so specific issues regarding the Chinese president were not discussed. We believe that there will be opportunities to continue consultations in the future."

However, there was mention of China’s role regarding North Korea’s military provocations.

The official said, "The immediate issue is North Korea’s nuclear and missile threats, and President Yoon spoke more specifically about this."

The official added that President Yoon urged China, as a permanent member of the UN Security Council, to "play a role as a bastion of peace," referring to North Korea’s nuclear development, violations of UN Security Council resolutions, and ongoing military cooperation with Russia.

President Yoon Bids Farewell to Premier Li by Referencing Du Fu’s ‘Spring Night Rain’

After the meeting, President Yoon reportedly bid farewell to Premier Li by referencing Du Fu’s poem ‘Chun Ya Hui Yu (春夜喜雨)’ [Spring Night Rain].

As spring rain began to fall when Premier Li left the presidential office, it is believed that the Chinese poem meaning "joyful rain on a spring night" came to mind.

Along with this, President Yoon also mentioned the 2009 film "A Love" (Ho Usijeol), starring Jung Woo-sung and Chinese actress Gao Yuanyuan.