A special envoy delegation led by former National Assembly Speaker Park Byeong-seok met with China's Ministry of Commerce on the 25th to reaffirm cooperation amid the trade war. Wang Wentao, the Director General of China's Ministry of Commerce, expressed his welcome by saying, "I am pleased with the trade deficit with Korea."
The special envoy delegation met with Director General Wang and others at China's Ministry of Commerce building around 4 p.m. (local time) that day. Our side included Director General Park, Democratic Party of Korea lawmakers Kim Tae-nyeon and Park Jeong, and East Asia Cultural Foundation Chairman Noh Jae-hun, while the Chinese side consisted of Director General Wang, Zhu Bing, Director of the General Office, and Lin Feng, President of the International Affairs Company. The meeting with the Ministry of Commerce was not originally scheduled but was added on the 24th.
Director General Park noted in his opening remarks, "Over the 33 years of diplomatic relations, the two countries have achieved remarkable growth. However, now, the trade war initiated by the United States is reshaping the global trade order," adding, "It is a more critical time for both countries to maintain a cooperative relationship and seek common interests through close communication."
Director General Park continued, "If the relationship between the two countries has been vertical until now, I believe it will become horizontal from now on. While there will be competition, there will also be many areas for cooperation," suggesting the prompt conclusion of Phase 2 negotiations on the free trade agreement (FTA) and initiatives to activate supply chains for key minerals like rare earths and to create a fast track.
Director General Wang welcomed the special envoy delegation's visit to China, stating, "The two countries are important neighbors and partners to each other," and added, "Last year, the trade volume between the two countries surpassed $382 billion (about 530 trillion won), and Korea became China's second-largest trading partner, surpassing Japan. The fact that over 90% of traded goods are intermediate and capital goods reflects the close partnership between the two countries."
"China has recorded a trade deficit with Korea. We saw a deficit of $35.3 billion (about 49 trillion won) last year," he said, adding, "I am pleased with this deficit. We regard it as a normal phenomenon due to the trade structure between the two countries."