Seoul, Beijing agree to speed up services and investment talks under FTA

Yeo Han-koo, South Korea’s trade minister. (Ministry of Trade, Industry and Energy)SEOUL, December 30 (AJP) -South Korea and China have agreed to speed up second-stage negotiations under their bilateral free trade agreement, focusing on services and investment, as the two sides seek to broaden economic cooperation. 

Yeo Han-koo, South Korea’s minister for trade, met Li Chenggang, China’s international trade negotiation representative, in Beijing to discuss ways to accelerate follow-up negotiations under the Korea-China FTA. The two sides agreed to hold regular in-person meetings starting next year, with participation from all relevant government agencies, to push talks forward and resolve remaining issues.

They also agreed to convene another trade ministers’ meeting in the first half of next year to allow top officials to directly review progress in the negotiations.

During the meeting, the two sides discussed broader FTA implementation issues, including petrochemicals, government procurement and intellectual property rights, and agreed to strengthen cooperation in these areas.

Ahead of the ministerial talks, Yeo held a roundtable meeting with South Korean companies operating in China to assess business conditions and hear about difficulties faced on the ground. Issues raised by industry were also discussed during the ministerial meeting, with both sides agreeing to continue consultations through follow-up negotiations, a joint committee and working-level channels.

The Ministry of Trade, Industry and Energy said it will maintain regular communication with Korean companies to better reflect on-the-ground concerns in policy discussions and strengthen support to stabilize business operations and improve market access.

During his visit, Yeo also met senior officials from the China Council for the Promotion of International Trade and the Development Research Center of the State Council. They exchanged views on shifts in the global trade environment, the impact of supply chain restructuring and technological change, and the future direction of bilateral trade cooperation.

The two sides shared the view that policy dialogue should be strengthened to address common challenges facing companies, including environmental and digital transitions, evolving global trade rules, and the need for greater predictability in trade and investment. They agreed to expand joint policy research and enhance working-level communication across industries.

In addition, Yeo visited the Korea Innovation Center (KIC China) in Zhongguancun — often dubbed China’s Silicon Valley — to discuss ways to support South Korean startups seeking to enter the Chinese market. He also toured Chinese robotics firm Galbot, where he reviewed major use cases and on-site demand, and explored potential areas of cooperation such as technology collaboration, pilot projects, and information-sharing on standards and certification.

The ministry said the visit confirmed potential complementarities between South Korea and China in the convergence of artificial intelligence and robotics, and that it will seek to identify concrete areas for future policy coordination and industrial cooperation. 

* This article, published by Aju Business Daily, was translated by AI and edited by AJP.
Kim Seong-soo 기자 biblekim@ajunews.com