S. Korea, China pledge to tighten supply chain ties in ministerial talks

SEOUL, Aug. 27 (Yonhap) — South Korea and China agreed on Saturday to strengthen cooperation and communications on supply chains by establishing a new high-level advisory body, the finance ministry said. Seoul.

The agreement was reached during the 17th Korea-China Meeting on Economic Cooperation held virtually between South Korean Finance Minister Choo Kyung-ho and He Lifeng, the minister in charge of China’s National Commission for Development. development and reform.

Under the memorandum of understanding signed at the meeting, Seoul and Beijing agreed to set up the new director-level entity on supply chains, which is supposed to discuss related issues “in time” in the event of a supply chain disruption. supply and improve policy consultations, according to the ministry.

This is the first memorandum of understanding of this type between the two neighboring nations.

“Both sides also pledged to strengthen their cooperation in new industrial areas, such as the hydrogen industry. South Korea has requested special attention from the Chinese government to ensure stable and predictable environments for operations. businesses,” the ministry said in a statement.

The ministers also pledged to make joint efforts for the development of their service industries by conducting various joint research projects and deepening communications.

Seoul called for real progress in their services and investment negotiations under the bilateral free trade agreement (FTA), especially in sectors such as cultural content and gaming industries, and China has offered closer cooperation in health and sports, according to the ministry.

Choo also sought China’s support for South Korea’s bid to host the 2030 World Expo in Busan, according to the ministry. The Seoul government finalized the detailed bid documents this week.

The previous session of the ministerial meeting was held in October 2020 via teleconference, and the next meeting will be held in South Korea in 2023, the ministry said.

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