China, ROK to speed up second-phase FTA negotiations

Chinese Minister of Commerce Wang Wentao met with the Republic of Korea's (ROK) Minister of Trade, Industry and Energy Kim Jung-kwan in Beijing on Saturday, with both sides agreeing to accelerate the second-phase negotiations of the China-ROK Free Trade Agreement (FTA).

According to a statement released by Chinese Ministry of Commerce, the two ministers exchanged views on implementing the important consensus reached by the two countries' leaders, advancing the second-phase FTA negotiations, consolidating cooperation in traditional sectors, expanding collaboration in emerging areas, and promoting the quality upgrading of China-ROK economic and trade cooperation.

Wang said that the recent meeting between the leaders of China and the ROK reached important consensus on promoting the sound and stable development of bilateral relations, providing strategic guidance for bilateral economic and trade ties.  

He noted that the fourth plenary session of the 20th Central Committee of the Communist Party of China mapped out a blueprint for China's development over the next five years, and that China will remain committed to expanding high-standard opening up, creating broader space for China-ROK cooperation.

Wang called on both sides to accelerate the second-phase FTA negotiations and strive for an early conclusion, cultivate new growth areas and new drivers of cooperation, actively promote collaboration in emerging sectors, encourage subnational economic and trade cooperation, and deepen cooperation in industrial and supply chains as well as trade and investment.  

He also stressed the need to strengthen cooperation under multilateral and regional frameworks such as the World Trade Organization (WTO), the Asia-Pacific Economic Cooperation (APEC), and the Regional Comprehensive Economic Partnership, and to jointly uphold free trade and multilateralism.

Kim said the ROK is ready to work with China to earnestly implement the consensus reached by the two countries' leaders, speed up the second-phase negotiations of the ROK-China FTA, maintain stable and smooth industrial and supply chains, enhance dialogue and communication in trade remedy areas, and further deepen subnational economic and trade cooperation.  

He added that the ROK is willing to strengthen communication and coordination with China under regional and multilateral frameworks to jointly safeguard the multilateral trading system.

Kim also said that the ROK supports China in hosting the 2026 APEC meetings and is willing to share its experience in hosting such events.