The 24th session of China-ROK Joint Trade and Economic Commission was held in Qingdao, Shandong province on August 1st. It was the first time for China to hold a face-to-face meeting with a foreign government under its trade and economic cooperation mechanism since the COVID-19 outbreak, and therefore carries special significance under the special circumstances. It would surely leave a special mark on the history of commercial relations between China and the ROK. It also set a precedent and could serve as useful reference for all-round international exchanges in times of normalized epidemic containment.

China and the ROK are close neighbors and important trading partners. Since the epidemic erupted, President Xi Jinping and President Moon Jae-In held two phone calls to express solidarity and support, and provided fundamental guide to the development of bilateral relations. The sudden outbreak of COVID-19 has taken a heavy toll on global economy and industrial chains and supply chains, and severely hampered international commercial cooperation and personnel exchanges. Countries must work together to break the grip of the crisis. There’s an urgent need to explore paths to restore and develop trade and economic links while keeping the virus in check on an ongoing basis. Now that China has accomplished strategic success in controlling the coronavirus and the ROK has effectively brought the epidemic under control, the two countries are well-placed to restore and promote commercial exchanges, especially with a fast pass available to critical business personnel to travel to the other country. The face-to-face joint commission aims to facilitate the resumption of inter-governmental exchanges and cooperation in commercial areas, and demonstrate the firm will and resolve of China to open up wider in times of normalized epidemic control. It sends a positive signal that both sides are committed to bilateral trade and economic relations, and sets a useful precedent for the resumption of commercial cooperation in the region and beyond.

China and the ROK both attached great importance to this meeting. The two sides kept close communication, made meticulous preparations, and jointly drew up practical and effective epidemic containment plans. While practicing social distancing measures, the two sides had an in-depth exchanges of views on promoting bilateral commercial ties and regional and multilateral trade and economic cooperation in the context of normalized epidemic containment.

First, on enhancing top-level planning for bilateral cooperation. The two sides agreed to further align the Belt and Road initiative with the New Southern Policy and the New Northern Policy, vigorously advance the second phase of negotiations on the China-ROK FTA, and move faster to draft the China-ROK Joint Plan for Trade and Economic Cooperation (2021-2025) in order to upgrade bilateral commercial cooperation.

Second, on deepening trade and investment cooperation. The two sides agreed to tap more investment areas and potential. China and the ROK will organize all kinds of trade promotion events to build more trade platforms for businesses from both sides. The two sides will support competent and reputable businesses in their two-way investment and provide businesses from the other side with a fair, equitable and non-discriminatory investment and business environment.

Third, on pushing forward industrial alignment and cooperation. Both sides believe that much synergy could be created between China’s new infrastructure initiatives and the ROK’s Korean New Deal. The two sides will better align their initiatives and jointly drive trade and investment cooperation in various areas with industrial cooperation in order to foster new growth areas in post-COVID bilateral commercial cooperation.

Fourth, on expanding sub-national economic cooperation. The two sides believe that sub-national cooperation is the most dynamic and promising component of China-ROK commercial cooperation. The two sides will continue to push for solid progress in jointly building China-ROK industrial parks to foster new pacesetters in sub-national cooperation. China and the ROK will support Chinese provinces and cities in developing new ways to deliver more practical outcomes in more areas in their business cooperation with the ROK.

Fifth, on advancing multilateral and regional cooperation. The two sides agree to further step up communication and coordination under regional and multilateral frameworks, push for the signing of the Regional Comprehensive Economic Partnership (RCEP) Agreement by yearend as scheduled, advance China-Japan-ROK free trade negotiations, uphold the multilateral trading system and jointly contribute to the building of an open world economy.

Going forward, MOFCOM will continue to implement Xi Jinping Thought on Diplomacy, uphold the concept of a human community with a shared future, and vigorously explore feasible plans for stepping up the recovery of trade and economic exchanges with relevant countries while carrying out COVID-19 control and prevention.