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China and ROK Agree to Jointly Keep Industrial and Supply Chains Stable

2022-08-10 14:47

On 9 August 2022, State Councilor and Foreign Minister Wang Yi held talks with Foreign Minister Park Jin of the Republic of Korea (ROK) in Qingdao, Shandong Province.

Wang Yi stressed that, with globalization facing headwinds, certain countries are undermining the stability of global industrial and supply chains by politicizing economic issues, using trade as tools and weaponizing standards. As beneficiaries of and contributors to the global free trade system, China and the ROK should jointly resist such acts that are against the law of the market and safeguard the security and stability of the industrial and supply chains of the two countries and beyond.

The two sides agreed to speed up the second-phase negotiations on the China-ROK free trade agreement and strive to reach an agreement as quickly as possible. The two sides agreed to carry out dialogue on keeping industrial and supply chains stable, and commit to their integrity, security, smoothness, openness and inclusiveness. The two sides agreed to uphold trade and investment liberalization, abide by the rules of the World Trade Organization, and adhere to the principles of non-discrimination, non-exclusion, openness and transparency.

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