For the effective implementation of the Korea-China Free Trade Agreement (FTA), Korea and China agreed to operate FTA implementation channels by sector at least once a year. In addition, both agreed to start negotiations about service and investment sectors in the second phase quickly within this year.
Korea and China held a commerce minister meeting with Joo Hyung-hwan, Korean minister of industry, trade and resources and Gao Hucheng, Chinese minister of commerce of China as their respective heads in Beijing, China on March 17.
The two countries had a discussion about three key issues –- the effective implementation of the Korea-China FTA and the maximization of its effects, checking of the implementation of agreements between Korean and Chinese Presidents and the dealing with trade issues between the two –- among other things.
In addition, the two countries laid the foundation for the elevation of the FTA Implementation Committee’s position, the early beginning of the second phase of service and investment, the tearing down of non-tariff barriers such as anti-dumping measures against flat rolled magnetic steel sheets and the promotion of bilateral trade of consumer, cultural, contents and tourism products and services among others..
First of all, the two countries agreed to start negotiations about Korea-China FTA service and investments early. Such negotiations are expected to diversify manufacturing industry-centric trade structures between the two into the service sector.
Both agreed to make efforts to smoothly solve anti-dumping issues among others. The two countries will carry out fair investigations into grain-oriented flat rolled magnetic steel sheets and acryl fibers made in Korea which China is looking into for dumping possibilities. They will also consider easing prolonged anti-dumping measures against bisphenol A and acetone through reviews.
China’s Ministry of Commerce will deliberate with its related departments about the payment of subsidiaries for electric buses equipped with ternary batteries by taking the protection of foreign (Korean) investors into consideration.
Both countries saw eye to eye about sincerely implementing the agreements between their presidents, including the construction of Korea-China industrial complexes and joint advancements into third countries and discussing a multilateral trade structure. They agreed also to closely cooperate about the Regional Comprehensive Economic Partnership (RCEP) which they are taking part in and a Korea-China-Japan FTA.