China and the Republic of Korea (ROK) agreed to jointly maintain the stability of the supply chains . The agreement was reached during the meeting between Chinese State Councilor and Foreign Minister Wang Yi and Foreign Minister of the ROK Park Jin, in Qingdao, east China’s Shandong Province. Wang said that some countries have politicized the economy, instrumentalized trade and weaponized standards, undermining the stability of global production and supply chains.
Noting that the two countries are beneficiaries and builders of the global free trade system, he called on the ROK to jointly resist such acts that go against market rules and jointly safeguard the security and stability of the supply chains. The two sides agreed to speed up negotiations on the second phase of free trade agreement (FTA) negotiations, engage in dialogue on maintaining the stability of the supply chains, adhere to trade and investment liberalization, and stick to the principles of non-discrimination, non-exclusion, openness and transparency. Since a bilateral FTA was signed in 2015, the two countries have cut tariffs eight times, according to a spokesperson for China’s Ministry of Commerce last month. Despite setbacks in global economic recovery, China-ROK trade has maintained a rapid pace of growth. – CGTN
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