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(SEOUL=NEWSIS) Korea and China agreed on December 23 to write guidelines for economic and trade cooperation as a follow up to the Korea-China Free Trade Agreement (FTA).
Cho Tae-yul, Vice Minister of Korean Foreign Affairs, and Gao Yan, Vice Minister of Chinese Commerce, co-chaired the 20th Korea-China Joint Economic Committee in Shandong, China.
The two parties agreed to co-write a vision document to systematically manage bilateral economic cooperation. The document will include sectors that were excluded in the vision for Korea-China economic and trade cooperation, a report written in 2009.
Korea suggested carrying out joint research on Chinese railroad usage for trade between East Asia and Europe and ways to improve this usage. Korea’s Chinese counterpart offered to go through internal reviews before reaching an agreement.
Korea also asked the Chinese Ministry of Commerce for more interest in and support of the Saemangeum Korea-China economic cooperation complex and insisted that they visit the place. The Chinese received these suggestions positively.
Korea also mentioned the difficulties that Korean companies and people can face when doing China-related business, touching on simplifying the visa process for Korean companies in China, visa issues for Korean students in China and issues regarding the value-added tax rebate.
In return, China asked for the interest and cooperation of the Korean government to strengthen economic and trade cooperation between regions of Korea and China, reduce the Korea-China trade imbalance, increase Korean investment in China and improve Korea’s trade and investment environment.
The council comprises officials from the Ministry of Foreign Affairs, Ministry of Trade, Industry & Energy, Ministry of Land, Infrastructure, and Transport, Korea Communications Commission, Korea Agency for Saemangeum Development and Investment and Korean embassy in China from the Korean side, and officials from the Ministry of Commerce and Shandong Province from the Chinese side.
Source: Newsis (December. 23, 2014)
** This article was translated from the Korean.