On March 29th, Minister of Commerce Wang Wentao met with South Korean Minister of Industry, Trade and Resources Andegun in Seoul, South Korea. Both sides exchanged views on promoting economic and trade cooperation between China and South Korea, maintaining the stability of industrial and supply chains, and strengthening regional and multilateral cooperation. Wang Wentao stated that China and South Korea are important economic and trade partners, deeply integrating their industrial and supply chains in areas such as semiconductors. Both sides should conscientiously implement the important consensus reached by the leaders of the two countries, accelerate the second phase negotiations of the China South Korea Free Trade Agreement, strengthen exchanges and cooperation under mechanisms such as the China South Korea Production and Supply Chain Cooperation Hotline and Export Control Dialogue, and jointly promote the stable and far-reaching development of the economic and trade relations between the two countries. Wang Wentao emphasized that both China and South Korea are beneficiaries and maintainers of free trade and multilateralism. Both sides should strengthen cooperation under regional and multilateral frameworks such as the World Trade Organization, Regional Comprehensive Economic Partnership Agreement, Digital Economy Partnership Agreement, and Asia Pacific Economic Cooperation, promote the resumption of negotiations on the China Japan South Korea Free Trade Agreement as soon as possible, jointly safeguard the multilateral trading system, and promote regional economic integration. Andegen stated that China is an important economic and trade partner of South Korea, and the close cooperation between the two countries has played an important role in ensuring the stability and smoothness of regional and even global supply chains. The South Korean side is willing to further deepen the economic and trade relations between China and South Korea, maintain the stability of bilateral industrial and supply chains, accelerate the negotiation process of the second phase of the China South Korea Free Trade Agreement, and strengthen cooperation under regional and multilateral frameworks.
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