APEC Peru Summit: South Korea-China Leaders Agree to Accelerate Follow-up FTA Negotiations
South Korea-China Leaders Propose Mutual State Visits
President Yoon Suk-yeol, attending the 31st Asia-Pacific Economic Cooperation (APEC) Summit, shakes hands with Chinese President Xi Jinping before the South Korea-China summit at a hotel in Lima, Peru, on the 15th (local time). Photo by Yonhap News
On the 15th (local time), President Yoon Suk-yeol held a summit meeting with Chinese President Xi Jinping in Peru, where the Asia-Pacific Economic Cooperation (APEC) summit was held, and urged China to play a "constructive role" regarding North Korea's provocations and military cooperation between Russia and North Korea.
President Xi said, "China also hopes for a relaxation of regional tensions and does not want tension on the Korean Peninsula," adding, "We hope that only the parties involved will seek a political solution and resolve the issues peacefully through dialogue and negotiations."
Kim Tae-hyo, the first deputy director of the National Security Office, said at a briefing at the Peru Press Center that day, "President Yoon emphasized in this meeting that close cooperation between Korea and China is required amid the global 'complex crisis' the world is facing, and he called for the two countries to join forces to firmly develop cooperation in all areas including security, economy, and socio-culture." In response, President Xi replied, "China's position of valuing Korea-China relations remains unchanged," and "I hope we will work together to develop bilateral relations."
The Korea-China summit was held for the first time in two years since the G20 summit in Indonesia in November 2022. The two leaders met about a year after exchanging greetings at the APEC summit in San Francisco last November.
Regarding the Korean Peninsula issue, President Yoon requested China’s constructive role concerning North Korea’s continuous military provocations, including intercontinental ballistic missile (ICBM) launches, and military cooperation with Russia, calling them "actions that cause instability in the regional security of the Korean Peninsula."
The 10th Anniversary of the Korea-China FTA Next Year... To Benefit the People
During the meeting, President Yoon and President Xi agreed to accelerate follow-up negotiations on the Korea-China Free Trade Agreement (FTA). Deputy Director Kim stated, "'President Xi also agreed, hoping to accelerate the Korea-China FTA service and investment negotiations and achieve early results, and President Yoon expressed hope for positive progress.'" He added, "Since next year marks the 10th anniversary of the Korea-China FTA's enforcement, both sides agreed to work together to address the remaining tasks of the Korea-China FTA service and investment negotiations," emphasizing, "This means jointly creating economic cooperation that benefits both countries and their peoples."
President Yoon Suk-yeol, attending the 31st Asia-Pacific Economic Cooperation (APEC) Summit, is holding a South Korea-China summit with Chinese President Xi Jinping at a hotel in Lima, Peru, on the 15th (local time). Photo by Yonhap News
The two leaders agreed to deepen and develop the strategic cooperation and partnership based on mutual respect, neighborly friendship, and common interests between Korea and China. They pledged to expand the active high-level intergovernmental exchanges that have increased this year to various civilian sectors, including youth, and to enhance mutual understanding between the peoples of both countries while jointly addressing difficult issues and strengthening cooperation in various fields.
Yoon: "Please Ensure Korean Companies in China Can Operate Predictably"
In particular, President Yoon requested President Xi to "ensure that Korean companies operating in China can conduct their business activities in a predictable and stable environment." A senior official from the presidential office explained, "Korean companies have made considerable investments in China over a long period and have established local factories. The request is to minimize the impact of domestic Chinese regulations and changing policies on these factories so that they can plan and operate their future activities predictably."
Deputy Director Kim said, "China also emphasized a free and open market and internationalism several times," adding, "Both sides expressed a strong intention not to engage in actions or thoughts that would intentionally cause discomfort in Korea-China relations. The atmosphere and expressions today were friendly throughout, leading to a mood of seeking cooperative directions for mutual win-win outcomes in Korea-China economic cooperation."
The Korea-China leaders proposed mutual state visits, and both expressed gratitude for the invitations. A senior presidential official told reporters, "President Xi invited President Yoon first, and President Yoon also proposed Xi's visit to Korea," adding, "Since we will host the APEC Gyeongju meeting around next fall, we naturally asked President Xi to visit Korea, and both leaders responded with 'thank you for the invitation.'"
Additionally, President Xi expressed his hope to chair the 2026 APEC summit, and President Yoon responded by supporting China's chairmanship.
Regarding a recent incident where a Korean resident working in the Chinese semiconductor industry was detained on espionage charges in China, a senior presidential official said, "Our priority is protecting our technology, and China should not make our citizens uncomfortable or treat them unfairly under Chinese domestic law," adding, "We have maintained close communication on this issue, so we expect it to be resolved smoothly."
Regarding China's recent unilateral short-term visa-free measure granted first to Korean tourists, the official evaluated it as "a surprise unilateral gift from China." However, "From Korea's perspective, it is somewhat hesitant to reciprocate with the same measure considering the number of travelers and the purpose of visits between Korea and China," and added, "Since we need to cooperate to revitalize Korea-China exchanges, we will consider ways to activate private exchanges, especially to invigorate exchanges among youth."
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