The Chinese government stated that the meeting between the two countries' leaders at the Asia-Pacific Economic Cooperation (APEC) Summit has improved Korea-China relations, and they plan to use this as a foundation to accelerate the second phase of the Korea-China Free Trade Agreement (FTA) negotiations.

The Chinese Ministry of Foreign Affairs announced on the 2nd, “Despite the difficulties and challenges faced over the past few years, the realistic foundation of intertwined interests and shared destiny has not changed, nor has the joint vision of promoting peace and seeking prosperity together.”

During this APEC Summit, President Lee Jae-myung held talks with Chinese President Xi Jinping for the first time since taking office. President Xi visited Korea for the first time in 11 years.


The Chinese Ministry of Foreign Affairs stated, “China has been South Korea's largest trading partner for years, and South Korea is also one of the most important economic and trade partners for China. The economic ties between the two countries are close, and the production and supply chains are deeply intertwined, effectively forming a community of shared interests.”

In particular, the Chinese government emphasized that it will accelerate the second phase of negotiations in commemoration of the 10th anniversary of the Korea-China FTA this year. The Chinese Ministry of Foreign Affairs stated, “We have agreed to deeply explore the potential in emerging fields such as artificial intelligence (AI), biopharmaceuticals, green industries, and the silver economy to promote qualitative improvements in economic and trade cooperation.”

They also attributed positive significance to President Xi's visit to Korea. The Ministry of Foreign Affairs stated, “The Korean side showed enthusiastic expectations and high interest in President Xi Jinping, treating him as the most important and esteemed guest and warmly welcoming him with the highest courtesies,” adding, “The leaders of both countries communicated deeply in a friendly atmosphere and reached a series of cooperative agreements.”

Furthermore, “During President Xi’s visit to Korea, the two sides signed over ten cooperation documents in fields such as economy and trade, finance, law enforcement, agriculture, science and technology, and media, fully demonstrating the rich substance, vitality, and broad prospects of China-Korea cooperation.”

To promote the second phase of the Korea-China FTA, the heads of relevant departments from both countries have already entered negotiations. The previous day, Minister of Trade, Industry and Energy Kim Jung-gwan and Chinese Minister of Commerce Wang Wentao exchanged views on maintaining the stability of industrial and supply chains and strengthening regional and multilateral cooperation in Gyeongju, where the APEC was held.

On this day, Minister Wang Wentao stated, “Within the frameworks of the World Trade Organization (WTO) and the Regional Comprehensive Economic Partnership (RCEP), we should strengthen (Korea-China) cooperation and promptly resume the Korea-China-Japan Free Trade Agreement (FTA) negotiations to jointly uphold free trade and multilateralism.”

Minister Kim also conveyed, “The Korean side hopes to accelerate the process of the Korea-China Free Trade Agreement second phase negotiations with China, promote economic and trade cooperation between regions, and continuously deepen trade, investment, and regional and multilateral cooperation between the two countries.”

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