China, S. Korea to expedite 2nd phase of free trade negotiations

China and South Korea are willing to accelerate negotiations on the second phase of their bilateral free trade agreement to deepen economic ties and enhance regional cooperation, officials from both countries said.

During his meeting with Park Byeong-seug, special envoy of the President of the Republic of Korea, in Beijing on Monday, Commerce Minister Wang Wentao reaffirmed China's commitment to working with South Korea to safeguard the stability of industrial and supply chains, speed up talks on the second phase of the China–South Korea Free Trade Agreement and expand cooperation in new industries and emerging sectors.

Trade between China and South Korea has surged more than 60-fold over the past 33 years since the establishment of diplomatic ties. China is now South Korea's largest trading partner, while South Korea is China's second-largest trading partner, said the Ministry of Commerce in a statement.

Park said that in light of new changes in both economies and industries, China and South Korea should work together to identify new opportunities.

South Korea is ready to strengthen communication with China, jointly ensure resilient supply chains, advance the negotiation process of the second phase of the China–South Korea Free Trade Agreement, and enhance cooperation within regional and multilateral frameworks to address the evolving global trade environment, said Park.

The China-South Korea Free Trade Agreement, a comprehensive pact which covers goods, services and investment, entered into force in 2015, with the aim of removing tariffs and expanding market access.