The 7th Joint Committee Meeting of the China Korea Free Trade Agreement was held in Beijing

On June 25th, the seventh meeting of the China Korea Free Trade Agreement Joint Committee was held in Beijing. Li Chenggang, International Trade Negotiator and Deputy Minister of Commerce of the Ministry of Commerce, and L ü Hanjiu, Minister of Trade Negotiations of the Ministry of Industry and Commerce of South Korea, jointly chaired the meeting. Representatives from the Central Propaganda Department, General Administration of Customs, State Administration for Market Regulation, State Administration of Radio, Film and Television, Weihai City, Shandong Province, as well as representatives from the Ministry of Industry and Commerce, Ministry of Finance and Economic Affairs, and the Korean Embassy in China attended the conference.

Both sides jointly reviewed the implementation of the China South Korea Free Trade Agreement, highly praised the contribution of the agreement to promoting the integration of the two countries' industrial and supply chains, and driving economic growth. They had in-depth discussions on specific issues of concern in the implementation of the Free Trade Agreement. During the meeting, the committees related to rules of origin and customs procedures, technical barriers to trade, intellectual property, and economic cooperation under the agreement made work reports. Both sides agree to continue promoting the high-quality implementation of the China South Korea Free Trade Agreement, completing the second phase of negotiations as soon as possible, further enhancing the level of openness in the service investment field between China and South Korea, and bringing more tangible benefits to enterprises and people of both countries.

The China Korea Free Trade Agreement officially came into effect on December 20, 2015. At present, both sides have implemented twelve tax reductions in accordance with the agreement, which has helped to continuously expand bilateral trade. The two countries are advancing the second phase negotiations of the China South Korea Free Trade Agreement, aiming to further enhance the level of liberalization and facilitation of service trade and investment between the two countries.