Korea-China FTA Service-Investment Follow-up Negotiations Resume: "Strengthening Market Opening"

[Image source=Yonhap News]

[Asia Economy Sejong=Reporter Dongwoo Lee] Ahead of the 30th anniversary of Korea-China diplomatic relations next month, the two countries have agreed to hold close consultations on the service and investment sectors.

The Ministry of Trade, Industry and Energy announced on the 13th that it held the "Korea-China Free Trade Agreement (FTA) Service and Investment Follow-up Negotiations Chief Representatives Meeting" via video conference.

The meeting was attended by Lee Kyung-sik, FTA negotiator of the Ministry of Trade, Industry and Energy, Wei Benlin, Director of the International Department of China's Ministry of Commerce, and about 20 chief representatives and government ministry delegations from both countries.

Following the "Guidelines for Follow-up Negotiations of the Korea-China FTA" that came into effect in December 2015, the two countries have been conducting close consultations aiming to achieve a high level of liberalization in the service trade and investment sectors. However, the follow-up negotiations were partially delayed due to the COVID-19 situation and follow-up measures for the prompt implementation of the Regional Comprehensive Economic Partnership (RCEP).

Based on the improved market opening situation following the RCEP, which came into effect earlier this year, the two countries plan to continue follow-up negotiations to enhance market opening and cooperation in the service and investment sectors between Korea and China.

At the meeting, the two countries reviewed the progress of the negotiations conducted so far, exchanged positions on negotiation topics by sector, and discussed future negotiation directions and schedules. Taking this meeting as an opportunity, both sides plan to continue working-level negotiations, focusing on market opening in areas of interest to Korea and enhancing cooperation between the two countries.

Lee Kyung-sik, FTA negotiator, emphasized, "The Korea-China FTA service and investment follow-up negotiations are an important opportunity to achieve mutually beneficial gains in the service and investment sectors between the two countries and to enhance economic and trade relations between Korea and China." He added, "We will carefully review the positions confirmed by the Chinese side at this meeting and actively engage in the negotiations."

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