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Chinese President seeks to speed up talks on free trade deal with South Korea

UrduPoint | 15 November 2022

Chinese President seeks to speed up talks on free trade deal with South Korea

by Fahad Shabbir

BEIJING (UrduPoint News / Sputnik - 15th November, 2022) Chinese President Xi Jinping told his South Korean counterpart, Yoon Suk-yeol, on Tuesday about the need to speed up negotiations on a free trade agreement between the two countries and increase bilateral cooperation in high-tech manufacturing.

"It is necessary to speed up negotiations on a bilateral free trade agreement, deepen cooperation in high-tech production, big data, green economy and other areas," Xi told Yoon on the sidelines of the G20 summit on the Indonesian island of Bali, as quoted by Chinese state broadcaster China Central Television (CCTV).

Xi added that China and South Korea must also jointly maintain the international free trade system, ensure security and stability of the global industrial and supply chains, and counter the politicization of economic cooperation.

The two countries also need to strengthen strategic interaction and mutual political trust, the Chinese leader said.

China and South Korea signed a free trade agreement in 2014, given the enormous volume of trade turnover between the two countries. The deal went into effect the following year. In July 2022, Beijing and Seoul achieved a substantial progress in the second phase of their free trade agreement talks, the Chinese Commerce Ministry said.


 source: UrduPoint