On Jan. 29, South Korea’s Deputy Prime Minister and Finance Minister Choi Kyung-hwan suggested to China that the Korea-China FTA needs to be completed as soon as possible.
In a meeting between the economic chiefs of the two countries in Beijing, with Chinese vice premier Wang Yang, Choi said, “I am making a suggestion to open a new chapter for economic ties between two countries,” mentioning the Korea-China FTA.
Choi added, “The Korea-China FTA, which struck an agreement through extremely difficult negotiations for more than 2 years, will work as a sound breakwater and protect both countries from global uncertainties.”
Both countries reached the agreement on Nov. 10 last year, and are currently working on the remaining consultation of technology and legal review based on the negotiation details. The provisional signing was expected to be done this week. However, it will be delayed until next month at China's request.
Choi said, “Establishing a stable trade and investment structure through strengthening the advances into one another’s domestic markets is needed. We need to make more efforts to vitalize the integration of both domestic markets as one domestic market through the revitalization of the won-yuan capital transactions, the co-development of the Korea-China Economic Cooperation complex in Saemangeum and the China-Korea Economic Cooperation Complex in China, and the revitalization of direct trading on the Internet.”
Regarding the cooperation in investment, he stressed that China must ease restrictions on Korean cultural content, conclude agreements to produce broadcast content jointly, and recognize test reports of food and drug mutually in order for Korean companies to advance into the Chinese market and to promote the extension of trade.
In the meeting, Korea and China concluded an agreement on cooperation for climate change between the governments, which was mutually agreed upon quickly in a summit talk last year. Also, both countries agreed to extend an MOU on cooperation for fair trade, which was agreed between the Korea Fair Trade Commission and National Development and Reform Commission in China. Finally, the Korea Institute for International Economic Policy (KIEP) and the Academy of Macroeconomic Research (AMR) in China concluded a “2015 Action Plan” contract between them.
The KIEP and the AMR selected the Eurasia Initiative and One Belt One Road as joint research subjects. The Eurasia Initiative is a vision proposed by President Park Geun-hye to strengthen economic cooperation between countries in the Eurasia region. Also, the One Belt and One Road projects were put forward by Chinese President Xi Jinping to build the new Silk Road Economic Belt.