First Korea-China Face-to-Face Meeting, Economic Joint Committee Held... Cooperation Requested on SME Entry and Flight Expansion

[Image source=Yonhap News]

[Asia Economy Reporter Lim Cheol-young] The Ministry of Foreign Affairs announced on the 2nd that the "24th Korea-China Economic Joint Committee" was held on the 1st in Qingdao, China, with Lee Seong-ho, Director-General for Economic Diplomacy Coordination at the Ministry of Foreign Affairs, and Li Chenggang, Deputy Director-General of the Chinese Ministry of Commerce, serving as chief representatives.

Both sides noted the significance of this Economic Joint Committee as the first face-to-face meeting between Korea and China since the COVID-19 pandemic, held amid active high-level communications such as Korea-China summit calls in February and May, and agreed to continue strengthening communication going forward.

Amid the COVID-19 situation, both parties evaluated that economic cooperation between the two countries has matured further, taking into account the resumption of operations of Korean companies in China and the establishment of the Korea-China fast track. They exchanged views on the direction of Korea-China economic cooperation in the post-COVID era. In particular, they assessed the successful operation of the Korea-China fast track since its implementation on May 1 and requested China’s cooperation to continuously improve the system, including facilitating entry for small and medium-sized enterprises and expanding flights between Korea and China.

The Chinese side evaluated that Korea-China quarantine and economic cooperation have become a model for the international community, and both sides agreed on the necessity to promote cooperation in areas that can create synergy between the two countries, such as digital and non-face-to-face industries after COVID-19.

Additionally, both sides reviewed the preparation status for drafting the Korea-China Economic Cooperation Joint Plan and agreed to complete and adopt it as early as possible. They also reached a consensus to solidly prepare economic achievement projects for future high-level exchanges, including discovering and implementing specific cooperation projects based on the "New Southern and New Northern Policies - 1.5 Track Joint Report on Cooperation Linked to the Belt and Road Initiative," adopted at the end of last year.

They actively requested continued Chinese cooperation to expand exchanges and cooperation between the two countries, including revitalizing exchanges of game, film, and broadcasting content, and asked for joint efforts to strengthen cooperation in fields such as agriculture and food, health, and intellectual property rights, as well as to resolve difficulties faced by Korean companies.

In response, the Chinese side requested Korea’s interest in strengthening Korea-China local economic cooperation, including participation in the International Import Expo scheduled to be held in Shanghai in the second half of the year. Both sides agreed to build new cooperation models through projects such as the Korea-China Changchun International Cooperation Demonstration Zone. They also exchanged broad views on the global trade and investment environment after COVID-19 and confirmed their intention to sign the RCEP agreement within the year. Korea requested support for its candidate running for the next WTO Director-General election.

Meanwhile, to ensure the smooth visit of the Korean delegation to China, joint efforts were made, including pre-departure health monitoring and COVID-19 (PCR) testing as preemptive quarantine measures. The Chinese side also implemented quarantine measures for the commencement of face-to-face diplomacy amid COVID-19, such as securing safe distances within the meeting venue and wearing masks throughout the schedule except when speaking.

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