"Three Months After Declaring 'FTA Higher Level than RCEP'... Follow-up Negotiations on Services and Investment for Korea-China FTA"

Consulting for China-Specific FTA Utilization Support Including Origin Certification for Companies Continues
Ministry of Industry "Aiming to Advance and Accelerate Negotiations Through Video Conferencing"

Economic and Trade Ministers of Korea, China, and Japan participating in the "12th Korea-China-Japan Economic and Trade Ministers' Meeting" held in Beijing, China, on December 22 last year. From the left, Sung Yun-mo, Minister of Trade, Industry and Energy of Korea; Zhong Shan, Minister of Commerce of China; Hiroshi Kajiyama, Minister of Economy, Trade and Industry of Japan. (Photo by Ministry of Trade, Industry and Energy)

[Asia Economy Reporter Moon Chae-seok] The government announced that it will hold follow-up negotiations on the Free Trade Agreement (FTA) with China just three months after agreeing to cooperate for the realization of a trilateral multilateral FTA among Korea, China, and Japan at a higher level than the Regional Comprehensive Economic Partnership (RCEP).

According to the Ministry of Trade, Industry and Energy on the 17th, the chief representatives' consultation for the follow-up negotiations on the Korea-China FTA services and investment will be held via video conference on the same day.

On the Korean side, Jeon Yoon-jong, FTA Policy Officer of the Ministry of Trade, Industry and Energy, and on the Chinese side, Yang Zhengwei (楊正偉), Deputy Director of the International Department of the Ministry of Commerce of China, will serve as chief representatives respectively. Government officials from both sides will also attend.

The Ministry of Trade, Industry and Energy stated that the two countries have held six official negotiations so far to mutually expand market opening in the fields of services and investment. They plan to accelerate negotiations this year as well.

Despite recent difficult conditions due to the spread of the novel coronavirus infection (COVID-19), the two countries plan to promote progress in negotiations through various methods such as video conferences based on a consensus on negotiation advancement.

The Ministry said, "We plan to actively respond to the negotiations to expand Korean companies' entry into the Chinese service market and strengthen investment protection," and added, "The consultation during this meeting is expected to serve as momentum for accelerating negotiations within the year."

Earlier, on December 22 last year, Minister Sung Yun-mo of the Ministry of Trade, Industry and Energy attended the '12th Korea-China-Japan Economic and Trade Ministers' Meeting' held in Beijing, China, and agreed to cooperate for the realization of a trilateral multilateral FTA at a higher level than RCEP.

Before the ministerial meeting that day, Minister Sung expressed his intention to expand trade and investment cooperation between Korea and China in services and other areas with the host, the Ministry of Commerce of China, and announced, "We will proceed with follow-up negotiations on Korea-China FTA services and investment."

Former National Assembly Speaker Jeong Se-gyun, Zheng Feiyan, Chairperson of the China International Economic Exchange Center, and key business leaders from Korea and China are attending the "2nd Korea-China Business Leaders and Former Senior Government Officials Dialogue" held on the 5th at the Chosun Hotel in Jung-gu, Seoul, posing for a photo. Photo by Kang Jin-hyung aymsdream@

This aligns with the 'Support for RCEP Conclusion and Efforts for Follow-up Negotiations on FTA Services and Investment' agreed upon by companies at the '2nd Korea-China Business and Former Senior Government Officials Dialogue' held in Seoul on December 5 of the same year.

On the Korean side at the meeting, 15 people attended including former meeting chair Jung Se-kyun, Park Yong-man, Chairman of the Korea Chamber of Commerce and Industry, Choi Tae-won, Chairman of SK Group, Chung Eui-sun, Vice Chairman of Hyundai Motor Company, Yoon Boo-keun, Vice Chairman of Samsung Electronics, Kim Chang-beom, Vice Chairman of Hanwha Chemical, Kim Do-jin, President of IBK Industrial Bank of Korea, and Yoo Myung-hee, Director-General for Trade of the Ministry of Trade, Industry and Energy.

On the Chinese side, 15 people attended including Chairman Zheng Peiyan (曾培炎), Chairman of the China Center for International Economic Exchanges (CCIEE), Zhou Zixue (周子學), Chairman of Semiconductor Manufacturing International Corporation (SMIC), Ju Weimin (居偉民), President of China Investment Corporation (CIC), and Sun In-hwan (孫蔭環), Chairman of Yida Group.

At the meeting, Director-General Yoo delivered a congratulatory speech suggesting, "Let us promote qualitative growth of the trade structure between Korea and China and firmly establish a free and fair trade order in the region."

The Ministry of Trade, Industry and Energy has been implementing this policy intention by providing China Desk consulting in the '2020 FTA Utilization Support Consulting Project' on the 4th.

This is a China-customized consulting service where experts visit companies to help them properly utilize the Korea-China FTA by resolving difficulties related to origin management and non-tariff barriers.

This content was produced with the assistance of AI translation services.