The Korea-China Free Trade Agreement will open a new chapter in the economic cooperation of the two countries, Bank of Korea Gov. Lee Ju-yeol said Friday in an effort to inject momentum into the negotiations.
He also demanded the two sides place more focus on bolstering their financial ties, in addition to the already-strong trade partnership.
“Should the Korea-China FTA be concluded, (the economies of both countries) will be able to leap further,” Lee said at the 2014 China Forum hosted by local daily Hankook Ilbo.
His comments came as the bilateral free trade talks have once again hit a stalemate.
South Korean Minister of Trade, Industry and Energy Yoon Sang-jick and Chinese Minister of Commerce Gao Hucheung met Thursday for the 14th round of negotiations. Their talks, however, remained in deadlock as of Friday morning.
The two counterparts will continue to talk over the weekend, aiming at reaching a reasonable deal before the imminent regional summit, according to officials from the Korean Embassy in China.
The main bone of contention was over tariff cuts, with Korea requesting a wider range of cuts on industrial products. China, on the other hand, is making similar demands on agricultural, fisheries and livestock goods.
But a greater concern for the BOK chief appeared to be reinforcing the relatively weak financial ties between the two countries.
“Since the two countries established diplomatic ties in 1992, their bilateral trade volume has soared 55-fold,” Lee said. “Despite this, there is still a low level of financial interaction.”
He called for the current financial policy conditions to meet market realities as quickly as possible via the FTA.
He also stressed the importance of the recently activated policies to promote the circulation of the Chinese renmibi in the domestic market.
“China has already become the world’s second-largest economic power and will soon rise from a dependent variable to an independent one,” Lee said. “This transition will bring both opportunities and challenges to Korea.”
By Bae Hyun-jung (tellme@heraldcorp.com)
He also demanded the two sides place more focus on bolstering their financial ties, in addition to the already-strong trade partnership.
“Should the Korea-China FTA be concluded, (the economies of both countries) will be able to leap further,” Lee said at the 2014 China Forum hosted by local daily Hankook Ilbo.
His comments came as the bilateral free trade talks have once again hit a stalemate.
South Korean Minister of Trade, Industry and Energy Yoon Sang-jick and Chinese Minister of Commerce Gao Hucheung met Thursday for the 14th round of negotiations. Their talks, however, remained in deadlock as of Friday morning.
The two counterparts will continue to talk over the weekend, aiming at reaching a reasonable deal before the imminent regional summit, according to officials from the Korean Embassy in China.
The main bone of contention was over tariff cuts, with Korea requesting a wider range of cuts on industrial products. China, on the other hand, is making similar demands on agricultural, fisheries and livestock goods.
But a greater concern for the BOK chief appeared to be reinforcing the relatively weak financial ties between the two countries.
“Since the two countries established diplomatic ties in 1992, their bilateral trade volume has soared 55-fold,” Lee said. “Despite this, there is still a low level of financial interaction.”
He called for the current financial policy conditions to meet market realities as quickly as possible via the FTA.
He also stressed the importance of the recently activated policies to promote the circulation of the Chinese renmibi in the domestic market.
“China has already become the world’s second-largest economic power and will soon rise from a dependent variable to an independent one,” Lee said. “This transition will bring both opportunities and challenges to Korea.”
By Bae Hyun-jung (tellme@heraldcorp.com)
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