'Korea-China FTA Pilot Zone' Incheon City - Weihai City Discuss Local Economic Cooperation

[Asia Economy Reporter Park Hyesook] Incheon City and Weihai City, China, pilot zones for the Korea-China Free Trade Agreement (FTA), held the "5th Local Economic Cooperation Joint Committee" on the 5th at the new building of Incheon City Hall.

Considering the COVID-19 situation, the meeting was conducted via video conference, with 18 related departments and affiliated organizations including Incheon City’s Industrial Promotion Division and Weihai City’s Commerce Bureau participating. They presented over 13 proposed agenda items covering trade and logistics, intellectual property rights, health, medical care, tourism, and discussed activation plans by sector.

The main agenda items from Incheon City included ▲requests for cooperation on the duplicate issuance of certificates of origin under the FTA and the Regional Comprehensive Economic Partnership (RCEP) ▲proposals to strengthen registration management of overseas manufacturers of imported food products from China ▲support for opening Chinese market channels for excellent food products from Incheon’s food manufacturers ▲promotion of joint medical and tourism product development and expansion of exchanges ▲requests to open an international maritime route between Baengnyeongdo in Incheon and Weihai City, among other plans to promote more active exchange and cooperation after COVID-19, as well as discussions on trade difficulties faced by Incheon-based companies in China.

Weihai City presented a total of seven agenda items including ▲strengthening intellectual property cooperation between the two cities ▲enhancing overseas talent exchanges with Incheon City, including Incheon National University ▲promotion of participation of excellent Incheon e-commerce companies in bonded zones and holding regular seminars ▲strengthening exchange and cooperation with Incheon City in the medical technology field.

On this day, the committee was held for the first time since the meetings began in 2017 with the participation of the Ministry of Trade, Industry and Energy, the chief representatives of the Korea-China FTA, and China’s Ministry of Commerce. The city expects that not only the discussed agenda but also future exchange projects between Incheon City and China will increasingly be discussed with the central government.

Since the FTA was signed in June 2015, Incheon City and Weihai City have been designated as pilot zones for the Korea-China FTA and signed the "Incheon-Weihai Local Economic Cooperation Enhancement Agreement" in July of the same year.

Since then, the two cities have selected 41 core tasks in seven major fields including trade, e-commerce, tourism, and sports, signing detailed agreements by sector and promoting various pilot projects.

An official from Incheon City stated, "Although face-to-face exchanges were difficult due to COVID-19, continuous communication and cooperative projects have been maintained through online exchanges," and added, "We will carefully review the agenda items discussed at this meeting between Incheon City and Weihai City and continue to proceed with follow-up discussions."

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