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The Ministry of Commerce Photo: VCG

The 6th meeting of the China-South Korea Free Trade Agreement (FTA) Joint Committee was held in Seoul, South Korea on Monday. Wang Shouwen, China's vice minister of commerce and China's international trade representative, co-chaired the meeting with Chief of Trade Negotiations from South Korea Cheong In-kyo.

Both sides positively assessed the implementation of the China-South Korea FTA over the past year, reviewing progress in goods trade, economic cooperation and technical barriers to trade under the agreement.
 
They also exchanged views on issues such as cross-border e-commerce customs facilitation, standards and technical regulations, agricultural quarantine and government procurement. Research institutions from both countries presented joint studies on enhancing FTA implementation and cooperation, offering relevant recommendations.

Both sides agreed to advance the high-quality implementation of the China-South Korea FTA, accelerate the second phase of negotiations, deepen supply chain cooperation, and enhance trade in services and investment for the benefit of both nations. They also discussed key multilateral and bilateral economic and trade issues.

"This meeting is a positive sign, with both China and South Korea committed to advancing the FTA. The cooperation is mutually beneficial in terms of geopolitics and economic trade," Lü Chao, an expert on East Asian studies at the Liaoning Academy of Social Sciences, told the Global Times on Monday.

Lü pointed out that despite slow progress due to South Korea's diplomatic policies and external factors in the past, the negotiations show South Korea's growing focus on China-South Korea economic cooperation. 

"If the FTA is fully implemented, we can expect substantial growth in the economic relationship between the two countries," he said.

"China is South Korea's largest trading partner, with South Korea's semiconductor and high-tech exports closely tied to China. Moreover, China is a major source of tourists to South Korea, as well as a popular destination, and the recent visa-free policy from China has further strengthened economic and cultural exchanges," Lü said.

He noted that South Korea has recognized the drawbacks of its past "one-sided" political and economic policies toward the US and is now shifting toward a more mutually beneficial approach. "China also anticipates the full implementation of the FTA, which is crucial for expanding economic development and cooperation in the Northeast Asia region." 

Chinese Premier Li Qiang and South Korean President Yoon Suk-yeol agreed on May 26 to accelerate the second phase of FTA negotiations between the two countries, Xinhua reported.

The China-South Korea FTA, effective since December 20, 2015, has undergone 10 rounds of tariff cuts. Progress in service and investment liberalization has steadily advanced, delivering increasing benefits under the agreement.