Seoul (TDI): China and South Korea have agreed to accelerate the second phase of negotiations under their Free Trade Agreement (FTA) to deepen economic cooperation, officials confirmed following the sixth FTA Joint Committee meeting held in Seoul on Monday.
The meeting, co-chaired by China’s Vice Minister of Commerce Wang Shouwen and South Korea’s Chief of Trade Negotiations Cheong In-kyo, reviewed progress in trade, economic cooperation, and technical barriers under the FTA.
Discussions also covered cross-border e-commerce, agricultural quarantine, standards, and government procurement.
Both sides emphasized the importance of advancing FTA implementation, strengthening supply chain cooperation, and enhancing trade in services and investment.
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Joint research institutions presented studies and recommendations to improve the agreement’s impact.
“This meeting signals both nations’ commitment to advancing the FTA, which is geopolitically and economically beneficial,” said Lü Chao, an expert on East Asian studies.
He noted that the negotiations reflect South Korea’s increasing focus on its economic relationship with China despite past delays influenced by external factors.
China is South Korea’s largest trading partner, with significant ties in high-tech exports, tourism, and cultural exchanges. The recent visa-free travel policy has further bolstered economic ties, Lü added.
The China-South Korea FTA, in effect since December 2015, has undergone 10 rounds of tariff cuts.
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Leaders from both nations, including Chinese Premier Li Qiang and South Korean President Yoon Suk-yeol, agreed in May to fast-track the next phase of negotiations to maximize mutual benefits.
Officials anticipate the FTA’s full implementation will enhance trade and investment, contributing to broader economic integration in Northeast Asia.
