On the Second Day of the Special Envoy Delegation's Visit to China
Wang Wentao: "We Are Pleased with China's Trade Deficit with South Korea"
Park Byeongseok: "Bilateral Relations Shifting from Vertical to Horizontal, More Areas for Cooperation"
On August 25, Chinese Minister of Commerce Wang Wentao met with the special envoy delegation of President Lee Jaemyung, led by former National Assembly Speaker Park Byeongseok, and said, "We are pleased with China's trade deficit with South Korea."
That afternoon, at the Ministry of Commerce building in Dongcheng District, Beijing, Minister Wang met with the delegation and stated, "China is running a trade deficit with South Korea. Last year, we recorded a deficit of 35.3 billion dollars (approximately 48.9752 trillion won). We are pleased with this deficit and regard it as a normal phenomenon resulting from the trade structure between our two countries."
Minister Wang noted that the previous day marked the 33rd anniversary of diplomatic relations between South Korea and China, and said, "The two countries are important neighbors and partners to each other. Last year, bilateral trade amounted to 382 billion dollars (approximately 529.9486 trillion won), and South Korea surpassed Japan to become China's second-largest trading partner." He added, "Over 90% of the traded goods between our countries are intermediate goods and capital goods, which reflects the close trading partnership between us."
Minister Wang also mentioned the phone conversation between Chinese President Xi Jinping and President Yoon Sukyeol, stating, "The Ministry of Commerce will faithfully implement the consensus reached between the two leaders." Addressing delegation leader Park, he said, "You have made significant contributions to the development of China-South Korea relations, and your fluency in Chinese makes you feel even more familiar to us."
In response, Park Byeongseok emphasized, "South Korea and China have achieved remarkable growth over the 33 years since establishing diplomatic relations, and the foundation of this has been the development of economic and trade relations." He added, "Currently, China is South Korea's number one trading partner, and South Korea is China's second-largest trading partner." He continued, "As the trade war initiated by the United States is reshaping the global trade order, it is more important than ever for our two countries to communicate closely and pursue common interests."
Park Byeongseok further stated, "If the relationship between our countries has been vertical until now, I believe it will now become a horizontal one. There are many areas where we can compete, but also many areas where we can cooperate," mentioning cooperation in new industries and jointly pioneering the global market.
He also said, "I hope the second phase of the South Korea-China Free Trade Agreement (FTA) negotiations will be concluded as soon as possible. I also hope to activate the supply chain for critical minerals, including rare earth elements, and especially to establish fast-track and green channel procedures (to expedite export licenses for rare earths)."
South Korea and China agreed to resume the second phase of FTA negotiations, which had been suspended since 2016, through a summit between former President Yoon Sukyeol and Premier Li Qiang in May last year. The Chinese Ministry of Commerce had previously promised to open a green channel for rare earth exports to European Union (EU) companies. The meeting between the special envoy delegation and Minister Wang was newly added to the schedule on August 24.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
