RCEP offers broader scope for cooperation with S Korea: China

19 Jun '22

1 min read

Pic: Shutterstock

The Regional Comprehensive Economic Partnership (RCEP) agreement offers broader room for China and South Korea to deepen economic and trade cooperation, according to Chinese commerce ministry spokesperson Shu Juetin. The trade volume between the two countries rose by 10.2 per cent year on year in the first five months of this year to $152.26 billion.

"Given a fragile global economic recovery, the continued fast-growing China-ROK trade fully shows the resilience and potential in their economic and trade cooperation, serving the common interests and development needs of the two countries," Shu was quoted as saying by official Chinese media.

The RCEP agreement came into force on the first day of 2022.

Both the countries will implement the consensus reached by the leaders of the two countries, carry out the joint plan for economic and trade cooperation for the 2021-2025 period, unleash cooperation potential in new areas including green development and digital economy, push for the high-quality RCEP implementation, and further facilitate trade and investment, Shu said.

Bilateral trade surged to more than $360 billion in 2021 from over $5 billion in 1992.

ALCHEMPro News Desk (DS)

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