On January 26, the fourth joint committee of the "China-Korea Free Trade Agreement" (hereinafter referred to as the "Agreement") was held via video. The Chinese delegation composed of the Ministry of Commerce, the Development and Reform Commission, the Ministry of Finance, the Ministry of Agriculture and Rural Affairs, the General Administration of Customs, the General Administration of Market Supervision, Weihai City of Shandong Province, and the South Korean delegation composed of the Ministry of Industry, Trade and Resources, Ministry of Finance and Economics, Ministry of Agriculture, Food and Rural Affairs, Ministry of Foreign Affairs and Incheon City attended the meeting.
During the meeting, the two sides jointly reviewed the overall implementation of the Agreement in various fields in recent years, and exchanged views on the progress of cooperation in the fields of trade in goods, rules of origin, technical barriers to trade, intellectual property rights, economic and technological cooperation, and the construction of local economic cooperation demonstration zones in Weihai and Incheon under the Agreement. Both sides positively commented on the important role of the "Agreement" in the stable development of bilateral economic and trade relations. Both believed that the "Agreement" has strongly promoted bilateral trade and investment exchanges, and played an important role in the two countries' fight against the impact of the new crown epidemic, maintaining the stability of the industrial and supply chains, and promoting their respective domestic economic development. The two sides agreed to further strengthen cooperation in various fields under the "Agreement", work together to implement the "Agreement", make the "Agreement" better benefit the enterprises and people of the two countries, and present a gift for the 30th anniversary of the establishment of diplomatic relations between the two countries.
The "Agreement" came into effect on December 20, 2015, and it was the first time to reduce tariffs. So far, 8 tariff reductions have been carried out, and the utilization rate of preferential tariffs has continued to increase. In 2020, the bilateral trade volume between China and South Korea will be 285.26 billion US dollars, an increase of 0.3% against the trend. In 2021, the bilateral trade volume will reach US$362.35 billion, a year-on-year increase of 26.9%. Currently, I am Korea's largest trading partner, and South Korea is my third largest trading partner. The two sides agreed that the fifth joint committee of the China-Korea Free Trade Agreement will be hosted by China.