Published: 11:20, May 26, 2024 | Updated: 17:57, May 26, 2024
China, S. Korea to accelerate second phase of FTA negotiations
By Xinhua
Chinese Premier Li Qiang arrives in Seoul, South Korea on May 26, 2024 to attend the ninth Trilateral Summit Meeting among China, Japan and South Korea. (PHOTO / XINHUA)

SEOUL - Chinese Premier Li Qiang and South Korean President Yoon Suk-yeol agreed here on Sunday to accelerate the second phase of Free Trade Agreement (FTA) negotiations between the two countries.

Li called on enterprises of China and South Korea to tap deeper into their cooperation potential in new areas such as high-end manufacturing, digital economy, artificial intelligence, green development and biomedicine, so as to continuously upgrade bilateral economic and trade cooperation and achieve greater win-win cooperation.

Li called on South Korea to work with the Chinese side to grasp the general direction of friendship and mutual trust between the two countries, and respect each other's core interests and major concerns

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Foreign enterprises are an indispensable force for China's development and China's mega-market will always be open to foreign companies, Li said.

China welcomes South Korean companies including Samsung to continue to expand investment and cooperation in China and share more new opportunities brought about by China's new development, he added.

Li said when meeting with Yoon that the industrial and supply chains of China and South Korea are deeply intertwined, and the two sides should seize more development opportunities together.

The two sides should also oppose turning economic and trade issues into political or security issues, and maintain stable and smooth industrial and supply chains of the two countries and the world, he added.

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Li called on South Korea to work with the Chinese side to grasp the general direction of friendship and mutual trust between the two countries, and respect each other's core interests and major concerns.

It is also hoped that the two sides can be each other's friendly neighbor of mutual trust and partner of mutual achievement, and promote a sound, steady and substantial development of China-South Korea relations, he said.

For his part, Yoon reiterated that South Korea adheres to the one-China principle and this position remains unchanged.

Li arrived here Sunday to attend the ninth Trilateral Summit Meeting among China, Japan and South Korea from Sunday to Monday.

The trilateral summit resumes more than four years after it was last held in 2019. Li, together with the leaders of Japan and South Korea, will attend key events including the trilateral summit meeting and the China-Japan-South Korea business summit where they will exchange views on trilateral cooperation.