Korea Discussed Trade Issues and Measures to Facilitate Trade and Investments with China

The Ministry of Trade, Industry and Energy held the 2nd Korea-China Trade Cooperation Meeting with the Ministry of Commerce of China in Seoul on April 22, 2014.

The general director-level meeting is held on a semi-annual basis, in accordance with the Korea-China MOU for Expansion of Economic and Trade Cooperation, which was signed by the Ministry of Trade, Industry and Energy of Korea and the Ministry of Commerce of China in June 2013 during the Korean President’s visit to China.

Lee Seong-ho, Deputy Director General of Trade Cooperation Division led the Korean delegation including eight ministries such as the Ministry of Agriculture, Food and Rural Affairs, the Ministry of Oceans and Fisheries, and the Ministry of Health & Welfare, while the Chinese team including members from related organizations was led by Chen Zhou, General Director of Department of Asian Affairs, Ministry of Commerce of the PRC.

Both parties reviewed trade issues that had been raised at the 1st meeting held in Beijing on September 26, 2013, and discussed some new trade issues.

Korea raised a number of issues, including refunds of the Chinese VAT applied to Chinese exports of steel, and the unreasonable hygienic standards and quarantine procedures applied to imports of agricultural products and foods. China raised the issue of the trade imbalance between the two countries.

The two countries also discussed ways to promote cooperation in trade and investments. Issues discussed included the facilitation of largescale investment programs of Korean companies in China, support for the advancement of Korean companies into western and central China, and effective attraction of investments by Chinese companies in Korea, under the circumstances where foreign investments of China are rising.

The Ministry of Trade, Industry and Energy intends to work with China continuously in order to reach agreements on the diverse issues raised at this meeting, and make efforts to further develop trade relations between the two countries by forming a more concrete plan on the cooperation programs for this year, which was discussed.

 
 
 
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