Korea asks China for heads-up on key material export bans

Home > Business > Economy

print dictionary print

Korea asks China for heads-up on key material export bans

Korea and China agreed Wednesday to send prior notifications to each other in case of an exports ban on energy and key mineral resources, Seoul's industry ministry said.
The agreement was made during the fourth joint committee meeting of the South Korea-China Free Trade Agreement (FTA) held via teleconferencing attended by director-level trade officials, according to the Ministry of Trade, Industry and Energy.
During the talks, the two sides vowed to work together to minimize disruptions in their supply chains by sending prior notifications to each other if either side imposes an exports ban on energy and mineral resources.
Korea had experienced a supply shortage of urea solution, a key fluid needed in diesel cars to cut emissions, after China imposed export curbs on urea in October to ease domestic supply bottlenecks.
Korea is heavily dependent on China for suuply of urea and other raw materials.
The two sides also vowed to enhance cooperation on improving support for the entry of business travelers, the establishment of smooth shipping logistics chains and customs clearance, the ministry said.
During the meeting, Seoul raised the issue of the copyrights violation in China and called for Beijing's cooperation for better protection of its cultural content.
It also sought China's attention for the active advance of Korean cultural items, such as films and games, into the Chinese market, the ministry said.
The two sides also assessed the achievements of the bilateral free trade deal, which came into force in December 2015.
Following the pact, two-way trade increased 32.6 percent. Their trade volume, in particular, rose 24.8 percent on-year in 2021 to an all-time high of $301.5 billion, according to government data.
"The two sides agreed that the FTA has helped boost their trade despite global economic difficulties amid the Covid-19 pandemic," the ministry said in a release. Yonhap
Log in to Twitter or Facebook account to connect
with the Korea JoongAng Daily
help-image Social comment?
lock icon

To write comments, please log in to one of the accounts.

Standards Board Policy (0/250자)