Seoul, Beijing agree on simplified origin certification
The logo of the Ministry of Trade, Industry and Resources / Yonhap
South Korea and China have agreed Thursday to simplify the origin certification process and expand cooperation on services and investment under their bilateral free trade agreement (FTA), Seoul's trade ministry said.
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, according to the ministry.
The two sides agreed to simplify the overall certification process for South Korean exporters, by allowing them to have the right to issue origin certifications.
They also agreed to enhance cooperation for the protection of South Korean content by cracking down on illegal circulation in China.
Seoul and Beijing implemented their bilateral FTA in December 2015, eliminating tariffs on a wide range of products.
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.
"We hope the follow-up negotiations will lead to free and open trade in services, as well as a more predictable investment environment," said Kwon Hye-jin, director general for trade negotiations at the ministry.
"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."