China, South Korea move towards closer economic partnership

Premier Li Keqiang and President Park Geun-hye witnessed the signing of 17 deals after a one-on-one meeting at the presidential Blue House in Seoul. Photo provided to China Daily

China and South Korea moved towards a closer economic partnership on Saturday with deals signed to synchronize development strategies and speed up the ratification of a bilateral free trade agreement that has yet to gain approval from the legislatures of each side.

Premier Li Keqiang and President Park Geun-hye witnessed the signing of 17 deals after a one-on-one meeting at the presidential Blue House in Seoul, a day before a trilateral summit with Japanese Prime Minister Shinzo Abe to ease tensions strained by historical and territorial matters.

The two sides agreed to synergize their economic development strategies, especially on innovation and the upgrading of the manufacturing sector, to encourage better understanding of each other’s policies and more cross-border projects among businesses.

In addition, the two countries agreed to facilitate the passage of a bilateral free trade deal at the legislative body on each side, and work toward expandingSouth Korea's food exports to China and strengthening industrial cooperation.

Talks to mark off maritime borders will be initiated as soon as possible to resolve issues stemming from overlapping exclusive economic zones in the Yellow Sea , the leaders agreed.

"My visit aims to promote bilateral cooperation in all regards to a higher level and together maintain stability in Northeastern Asia," Li said at the meeting.

Park said South Korea is willing to expand cooperation with China on trade, finance, innovation, manufacturing and medical care.

It is Li’s first visit to South Korea in his capacity as Chinese Premier.

China is South Korea’s largest trade partner and South Korea is China’s third largest trade partner. The two countries are the largest source of overseas students and the most popular destination on overseas trips for each other.