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South Korea and China have agreed to simplify the origin certification process and expand cooperation on services and investment under their bilateral free trade agreement (FTA), according to Seoul's trade ministry. The agreement came after Trade Minister Yeo Han-koo, Seoul's trade delegation chief, held the 15th round of follow-up FTA negotiations with Li Chenggang, China's international trade representative, in Beijing, as reported by Yonhap News Agency.

Coverage Comparison

Yonhap News Agency reported on the outcome of the negotiations in an article dated June 25, stating that the two sides agreed to simplify the overall certification process for South Korean exporters by allowing them to issue origin certifications. The same report noted that the two countries also agreed to enhance cooperation for the protection of South Korean content by cracking down on illegal circulation in China.

In a separate report dated June 22, Yonhap detailed the start of the negotiations, stating that trade delegations from the two sides would hold the 15th round of follow-up negotiations throughout the week in Beijing from Monday to Friday. Both reports confirmed that Seoul and Beijing implemented their bilateral FTA in December 2015, eliminating tariffs on a wide range of products, and that the two countries have held 14 rounds of follow-up negotiations since 2018 to expand the scope of the trade pact in the services and investment sectors.

Key Claims

  • South Korea and China agreed to simplify the origin certification process, allowing South Korean exporters to issue origin certifications.
  • The two sides agreed to expand cooperation on services and investment under their bilateral FTA.
  • Trade Minister Yeo Han-koo held the 15th round of follow-up FTA negotiations with Li Chenggang in Beijing.
  • The two countries implemented their bilateral FTA in December 2015, eliminating tariffs on a wide range of products.
  • They agreed to enhance cooperation for the protection of South Korean content by cracking down on illegal circulation in China.
  • The two countries have held 14 rounds of follow-up negotiations since 2018 to expand the scope of the trade pact in the services and investment sectors.
  • The negotiations took place from Monday to Friday.
Quoting Kwon Hye-jin, director general for trade negotiations at the ministry, Yonhap reported: "We hope the follow-up negotiations will lead to free and open trade in services, as well as a more predictable investment environment." Kwon added: "Amid lingering uncertainties at home and abroad, we will make efforts to achieve meaningful outcomes that support South Korean companies seeking to enter the Chinese market."