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MNI (Sydney)

China and South Korea have agreed to push forward and sign the bilateral Pacific-region free trade deal this year while continuing negotiations on a three way China-Japan-South Korea agreement, according to a statement published by China's Ministry of Commerce on Monday.

The two countries also announced they would carry forward negotiations on a bilateral phase two free trade deal afer a free trade deal inked in 2015, according to the statement from the China-Korea Joint Economic and Trade Committee meeting on Saturday. The Regional Comprehensive Economic Partnership (RCEP) will include 10 countries in the Asia Pacific region aiming for "zero tariffs" with a transitional period of 10 years.

China also said the two countries should "promote industrial cooperation" as China advances "new infrastructure" initiatives boosting investment in projects such as 5G, data centers, and the industrial Internet, the statement read.

MNI Sydney Bureau | +61-405-322-399 |
MNI Sydney Bureau | +61-405-322-399 |

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