Korea and China to broaden the scope of FTA

During a meeting with Chinese Prime Minister Li Chang, who visited Korea for the 9th South Korea-China-Japan Summit on Sunday, President Yoon Suk Yeol underscored the importance of regional stability, saying, “The common challenges faced by both South Korea and China are serious. I am confident that, just as South Korea and China have overcome various challenges together and contributed to each other's development and growth over the past 30 years, they will continue to strengthen cooperation between the two countries amid the global complex crises.” Economic and trade collaboration were crucial topics of discussion, alongside efforts to enhance people-to-people exchanges and cultural ties. Specific strategies were explored to broaden the scope of the Korea-China Free Trade Agreement (FTA). Since assuming office, President Yoon has prioritized institutionalizing South Korea-U.S.-Japan security cooperation and fostering economic ties, as evidenced by adopting the Washington Declaration. He reiterated the significance of trilateral cooperation among South Korea, China, and Japan, recognizing it as a pillar of regional stability.

President Yoon reiterated his commitment to global stability at a meeting held at the Presidential Office in Yongsan with Prime Minister Li, saying, “As the war in Ukraine and the Hamas situation in Israel continue, uncertainty in the global economy is increasing. However, we should strengthen exchange and cooperation and respect each other. I am hopeful that we can pursue common interests and work towards resolving these global crises.” The meeting is the second following the meeting held on the occasion of the ASEAN Summit in Jakarta, Indonesia in September last year.

Prime Minister Li delivered gratitude of Chinese President Xi Jinping for the warm reception accorded to the Chinese delegation. “We have maintained a conducive atmosphere for good cooperation by upholding openness and inclusiveness, gathering consensus, and resolving differences while bridging gaps through empathy,” Li said. “We have pursued mutual benefit and win-win outcomes, enhancing practical cooperation and aligning interests to promote common development and prosperity.”

The South Korea-China meeting primarily focused on expanding economic and trade collaboration, particularly in light of the ongoing tensions in the U.S.-China supply chain dynamics. Discussions on the situation concerning the Korean Peninsula were also said to have occurred. During their previous encounter, Yoon said, “As the North Korean nuclear issue worsens, cooperation between South Korea, the U.S., and Japan inevitably becomes stronger,” and asked China to faithfully fulfill its responsibilities regarding the North Korean nuclear issue.


Kwan-Seok Jang jks@donga.com