South Korea and China "Strengthen Economic Cooperation Amid Changes in the Global Trade Environment"

South Korea and China have agreed to strengthen economic cooperation amid changes in the global trade environment, including the imposition of reciprocal tariffs by the United States.

Anduk Geun, Minister of Trade, Industry and Energy, is speaking at the Korea Chamber of Commerce and Industry EC Room in Jung-gu, Seoul. Photo by Yonhap News

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On the 29th, the Ministry of Trade, Industry and Energy announced that Minister An Deok-geun held the 'Korea-China Ministerial Meeting on Trade and Industry' with Wang Wentao, Minister of Commerce of China, at the Lotte Hotel in Seoul to discuss cooperation measures and trade issues between the two countries. The meeting was held on the occasion of Minister Wang's visit to Seoul to attend the Korea-China-Japan Economic and Trade Ministers' Meeting scheduled for the 30th.

Both sides exchanged views on the global trade environment and agreed to continue mutually beneficial cooperation not only between the two countries but also within multilateral trade systems such as the World Trade Organization (WTO) and the Asia-Pacific Economic Cooperation (APEC).

They agreed to increase cooperation to stabilize the supply chain of critical minerals and to maintain communication and collaboration to resolve difficulties faced by companies operating in both countries. Additionally, through the operation of existing mechanisms such as the director-general level 'Supply Chain Hotline' and the 'Export Control Dialogue,' they will share the current status of supply chains between the two countries.

Since the meeting was held just before the reciprocal tariffs announced by U.S. President Donald Trump on the 2nd of next month, it is presumed that opinions regarding the U.S. tariff measures were also exchanged. South Korea and China are considered major U.S. trade deficit countries and are expected to be targets of reciprocal tariffs.

On the 30th, the Korea-China-Japan Economic and Trade Ministers' Meeting will be held in Seoul, attended by Minister An, Minister Wang, and Japan's Minister of Economy, Trade and Industry, Y?ji Muto. This meeting marks the first Korea-China-Japan Economic and Trade Ministers' Meeting in over five years since the Beijing meeting in December 2019.

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