China and the Republic of Korea (ROK) agreed to jointly maintain the stability of their supply chains on Tuesday.

The agreement was reached during the meeting between Chinese State Councilor and Foreign Minister Wang Yi and Foreign Minister of the ROK Park Jin in Qingdao, east China's Shandong Province.

Wang Yi said that some countries have politicized the economy, instrumentalized trade and weaponized standards, undermining the stability of global production and supply chains.

Noting that the two countries are beneficiaries and builders of the global free trade system, he called on the ROK to jointly resist such acts that go against market rules and jointly safeguard the security and stability of the supply chains.

The two sides agreed to speed up negotiations on the second phase of free trade agreement (FTA) negotiations, engage in dialogue on maintaining the stability of the supply chains, adhere to trade and investment liberalization, and stick to the principles of non-discrimination, non-exclusion, openness and transparency. 

Since a bilateral FTA was signed in 2015, the two countries have cut tariffs eight times, according to a spokesperson for China's Ministry of Commerce last month.

Despite setbacks in global economic recovery, China-ROK trade has maintained a rapid pace of growth. The bilateral trade volume reached $184.25 billion in the first half of this year, up 9.4 percent year on year.

THAAD issue is properly handled

The two foreign ministers also had an in-depth exchange on the Terminal High Altitude Area Defense (THAAD) issue.

They agreed both sides should attach importance to each other's security concerns and strive to properly handle the THAAD issue to make sure that it will not become a stumbling block affecting their bilateral relations.

On Wednesday, Chinese Foreign Ministry spokesperson Wang Wenbin responded that based on mutual understanding, China and the ROK have properly handled the THAAD issue at the current stage. 

Noting that the THAAD system deployed by the United States in the ROK has damaged the strategic security interests of China, the spokesperson stressed that China has repeatedly voiced serious concerns to the ROK side over the issue.

The ROK government had previously officially declared the policy of "Three Nos and One Restriction" to the outside parties. They included no additional deployment of the THAAD system in the ROK; no participation in a US-led missile defense network; no involvement in a trilateral military alliance with the US and Japan; and restriction in the use of the THAAD system deployed. Wang Wenbin said China attaches great importance to the ROK's position on the issue.

According to Wang Wenbin, the two foreign ministers' meeting further enhanced the two sides' mutual understanding of the issue.