The Chinese negotiating team at the Korea-China FTA service and investment intersessional meeting held on video on the 26th. China’s Ministry of Commerce stressed that it had made “active progress” at the meeting. [사진=중국 상무부 사이트]
On the 26th, the Chinese Ministry of Commerce announced that “the negotiations have made positive progress” in a videoconference between the South Korean side and the senior representative of the second phase of the Korea-China Free Trade Agreement (FTA) negotiations. On the same day, the Ministry of Commerce announced on the website the announcement titled “Active promotion of the second phase of the FTA negotiations” as well as the state media of China, but the Ministry of Trade, Industry and Energy of Korea did not disclose the fact of the meeting. It did not create a strange contrast.
On the 26th, Yu Burnlin (left), president of the International Affairs Department of China’s Commerce Department (director) and Lee Gyeong-sik (right), negotiator for the Free Trade Agreement of the Ministry of Trade, Industry and Energy held a meeting between Korea-China FTA services and investment through video. China’s Ministry of Commerce stressed that it had made “active progress” at the meeting. [사진=중국 상무부 사이트]
Regarding this, a government official said, “I know that an intersessional meeting was held on this day after the ninth follow-up negotiations for Korea-China FTA services and investment held in October last year.” It is unusual” he said. On this day, the Chinese side attended as the head of the ninth round of negotiations, Chief Executive Officer Yu Burn-lin, a higher rank than Yang Jeong-wei, deputy director of international history at the Commerce Department.
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In its announcement, the Ministry of Commerce emphasized, “The 2nd phase of the FTA between Korea and China is the first service and investment negotiations promoted by China through a negative list method.” Wang Yun-jong, professor of international business at Dongduk Women’s University, said, “As China-EU bilateral investment agreement (BIT), which was signed at the end of the year after the second phase of the Korea-China FTA negotiation, I think I want to use it as a tool.”
In fact, on this day, China emphasized multilateralism and emphasized consensus with Korea. A statement from the Ministry of Commerce said, “We will raise the level of service trade, investment liberalization, and trade simplification, promote the convergence of industrial chains and supply chains in East Asia, and free trade and multilateralism play a positive role in the fight against the novel coronavirus infection (Corona 19). To demonstrate, Korea and China shared recognition.”
It is pointed out that it is part of Korea’s’courtship’ efforts over China’s sudden acceleration of the Korea-China FTA upgrade. A source in Beijing said on the 27th, “I know that China is working hard to close the Korea-China Seoul summit ahead of the Washington-Korea summit expected this year.” “Checking the Corona 19 situation in Korea and creating a friendly atmosphere I went on to go to” he said. This means that before the first summit between President Moon Jae-in and US President Biden, which will be held in Washington, China has begun working under the water to secure President Xi Jinping’s visit to Korea. It is in the same context that the Korea Broadcasting Corporation (KBS) and China Central Radio TV Headquarters signed a memorandum of understanding (MOU) for business cooperation on the 22nd. The Chinese version of Free Asia Broadcasting (RFA) said on the 25th, “There is an interpretation that this wavering jige (measure to break ice) is the official release of’Hanhan Ryeong (Korean drama and performance ban)’. Eden is attracting the Northeast Asian allies of the United States as an opportunity to take office,” he reported.
A statement from the Ministry of Commerce of China announcing the results of the Korea-China FTA service and investment session on the 26th. “The second phase of the FTA between Korea and China is the first negotiations China is promoting through the negative list method.” [중국 상무부 사이트 캡처]
The Korea-China FTA officially took effect in December 2015. In the second phase of negotiations, President Moon Jae-in declared the start of negotiations with President Xi Jinping in December 2017 when he visited China. According to China’s customs statistics, the trade volume between Korea and China in 2019 amounted to 28.44 billion dollars, down 9.2% from the previous year. Of these, China’s exports to Korea increased by 2% to $11.97 billion, while imports decreased by 15.2% to $173.97 billion.
China is Korea’s largest trading partner. Korea is China’s third largest trading partner and largest importer. After the Korea-China FTA entered into force, the two countries reduced tariffs six times, and the current tariff-free ratio reaches 55% of the total trade amount, reported on the 26th by Doo Wei, a Chinese media outlet.
Beijing = correspondent Shin Kyungjin [email protected]
