Sung Yun-mo: "Korea-China, Let's Create a Model Case for Business Mobility... Aim to Conclude RCEP Within the Year"

Korea-China Trade Ministers Hold Teleconference on COVID-19 Response
"Cooperation to Ensure Entry of SMEs and Mid-sized Companies into China"
Discuss Bilateral Cooperation Measures Including Trade and Investment Expansion

Sung Yun-mo, Minister of Trade, Industry and Energy./Photo by Kang Jin-hyung aymsdream@

[Asia Economy Reporter Kim Bo-kyung] Trade ministers of South Korea and China agreed to cooperate to expand trade and investment and to strive for the conclusion of the Regional Comprehensive Economic Partnership (RCEP), a multilateral trade agreement, within this year.

On the morning of the 17th, Sung Yun-mo, Minister of Trade, Industry and Energy, held a teleconference with Zhong Shan, Minister of Commerce of China, to discuss cooperation measures between the two countries in response to the impact of the novel coronavirus disease (COVID-19).

Minister Sung emphasized that since the early stages of the COVID-19 outbreak, central and local governments as well as businesspeople from both countries have maintained a robust industrial supply chain through close cooperation. Furthermore, he proposed that the two countries collaborate to facilitate the smooth movement of businesspeople and create a model case.

He stated, "The role of small and medium-sized enterprises (SMEs) and mid-sized companies in the Korea-China supply chain is as important as that of large corporations," and urged, "Please cooperate to ensure that SMEs and mid-sized companies with urgent business travel needs can enter China."

Both sides agreed that overcoming COVID-19 requires expanding the mid- to long-term foundation for revitalizing the global economy and decided to cooperate to advance trade negotiations.

In particular, they shared the view that the conclusion of RCEP negotiations, involving 16 countries, will promote regional trade and investment and lead the global economic recovery. Both sides agreed to work together to ensure the signing of RCEP within this year.

They also agreed to create new markets and promote trade and investment between the two countries by advancing follow-up negotiations on services and investment under the Korea-China FTA.

Minister Sung proposed actively utilizing video conferences to smoothly proceed with related negotiations, even if face-to-face talks between the two countries are difficult for the time being.

He suggested, "Let us further develop the friendly relations between our two countries, continue to strengthen cooperation to facilitate human and material exchanges, and jointly create a model case that manages both quarantine and the economy stably."

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