On 17 July, Minister of Industry, Trade and Resources Sung Yun-mo suggested to the Ministry of Commerce of China, “Let’s work together to create best practices for the smooth movement of businessmen of both countries.”
In a wired meeting with Zhongshan, director of the Chinese Ministry of Commerce, Minister Sung discussed ways of working together to counter the new coronavirus infection (Corona 19), including the smooth movement of businesspeople and the expansion of trade and investment.
The wired meeting was held at the ASEAN+3 Special Video Summit held on 14 July, in which the Rok-China Trade Minister sought follow-up cooperation as member states agreed to jointly respond to the negative impact of Corona 19 on the economy.
At the ASEAN+3 summit, countries agreed to facilitate the movement of essential personnel, such as businessmen, to the extent possible.
“Since the beginning of corona 19, the central and local governments of the two countries and businessmen have worked closely together to solidify the supply chain on an industrial side,” Sung said, adding that the role of small and medium-sized enterprises in the Supply Chain between Korea and China is just as important as large enterprises. The Ministry of Commerce of China asked for cooperation to ensure that small and medium-sized enterprises with urgent travel needs can enter China.
The two sides agreed that the mid-to-long-term base for global economic revitalization should be established in order to overcome Corona19, and agreed to cooperate to advance ongoing trade negotiations.
In particular, the two sides agreed that the conclusion of the negotiations on the Regional Comprehensive Economic Partnership (RCEP), the world’s largest mega-free trade agreement (FTA), would promote trade and investment in the region and drive the global economic recovery, and they agreed to work together to ensure that rcep is signed annually.
The two sides agreed to create new markets and promote trade and investment between the two countries by advancing the follow-up negotiations on FTA services and investmentbetween the Two Countries. Regarding this, Minister Sung suggested, “Even if face-to-face negotiations between the two countries are difficult for the time being, let’s proceed smoothly with the relevant negotiations by actively utilizing video conferencing.”
Minister Sung added, “We appreciate the joint response to Corona 19 through the donation of medical supplies, even in the midst of rigorous defense activities between the ROK and China,” adding, “Let’s continue to strengthen cooperation for the smoothmovement of human and material exchanges by further developing our friendship, and work together to create best practices for reliably managing both defense and the economy.”
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