1. The 19th ROK-China Meeting for a Comprehensive Review of Economic Cooperation was held in Beijing on September 27.

2. The two sides noted that the ROK-China economic cooperation has expanded and deepened over the past two decades, encouraging bilateral cooperation in other areas. In particular, they shared the view that the start of the ROK-China FTA negotiations in May, 2012 provided an opportunity to promote qualitative growth in bilateral economic cooperation. They agreed on the need to pursue shared development mainly in investment, service and high-tech industries to keep up with changes in the internal and external economic environment for the next two decades. They also recognized the need to strengthen macroeconomic coordination in the regional and global economy.

3. The two sides also noted that the agreements reached during the ROK-China summit in June 2013 are being faithfully implemented, including those on concluding the first round of the ROK-China FTA negotiations; strengthening macroeconomic coordination between the two countries during G20 and APEC; streamlining customs clearance procedures through the AEO (Authorized Economic Operator) Mutual Recognition Agreement; and increasing cooperation in future-oriented areas, such as information and communications, science and technology, climate change and intellectual property rights. The two sides agreed to closely cooperate to enhance economic cooperation based on the “Joint Statement for the ROK-China Future Vision and Action Plan.”

4. The two sides requested each other’s cooperation in the following areas and decided to resolve the issues in consultation among related ministries of the two countries:

o The ROK side asked for the Chinese government’s interest and cooperation in protecting intellectual property rights (copyright and trademark) in China, especially online; maintaining order between the ROK and Chinese fishermen in the Yellow Sea; and eliminating difficulties faced by the ROK companies in China.

o The Chinese side asked for the ROK government’s interest and cooperation in streamlining visa procedures for the Chinese companies in the ROK; solving the problem of dropped number of the Chinese workers in the ROK; and sharing more experiences in establishing an agricultural product distribution system.

5. Furthermore, the ROK side offered to continue to work together to find new areas for cooperation where the two countries can create synergy, including joint entry into third countries, the internationalization of the Gaeseong Industrial Complex and the construction of a new town. The Chinese side agreed on the importance of bilateral cooperation in the areas and proposed to explore specific cooperation measures at the government level.

6. The ROK-China Meeting for a Comprehensive Review of Economic Cooperation is a consultative mechanism that has developed since 1993 with an increase in the ROK-China economic cooperation. The Foreign Ministry will continue to work for the meeting to establish itself as a mechanism to help maintain stable economic ties and find new areas for cooperation. 

                     Spokesperson and Deputy Minister for Public Relations of MOFA

*unofficial translation