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Korea, China discuss closer bilateral economic ties to build on FTA

Published: 09 Dec. 2024, 10:06 Updated: 09 Dec. 2024, 17:09

Trade Minister Cheong In-kyo, left, shakes hands with Wang Shouwen, China's international trade representative, in Beijing. [MINISTRY OF TRADE, INDUSTRY AND ENERGY]

Korean and Chinese trade officials met Monday to discuss ways to further utilize their countries' bilateral free trade agreement (FTA) implemented in 2015 while expanding its scope to include services and investment, Seoul's Trade Ministry said.

Trade Minister Cheong In-kyo met with Wang Shouwen, China's international trade representative with ministerial rank, in Seoul to review the FTA's performance over the past decade, according to the Ministry of Trade, Industry and Energy.

The trade volume between Korea and China reached $267.6 billion in 2024, marking a 17.7 percent increase from $227.4 billion recorded in 2015, ministry data showed.

During the meeting, the two countries pledged to continue leveraging the bilateral FTA as a key platform for fostering mutually beneficial economic ties.

They also agreed to accelerate negotiations to expand the FTA to include services and investment.

Cheong and Wang further vowed to establish a predictable business environment to support their respective companies, the ministry added.

Yonhap