South Korea and China agreed on the need to cooperate in stabilizing supply chains for critical minerals, including rare earths, amid deepening global uncertainties, the Foreign Ministry said Tuesday.
The agreement was reached during the 29th Joint Economic Commission, a vice ministerial-level bilateral dialogue, led by Second Vice Foreign Minister Kim Jina and Chinese Vice Commerce Minister Yan Dong in Beijing on Monday.
The meeting marked the first such talks since the previous session held in Seoul in December 2024, underscoring renewed momentum in bilateral economic engagement following a period of relative lull.
During the meeting, the two sides exchanged views on the current state of economic cooperation and future directions, including efforts to boost trade and investment, ensure stable supply chain management and deepen regional and multilateral cooperation.
They agreed to work together to promote bilateral trade and investment in a way that contributes to the economic development of both countries, particularly as global economic uncertainties continue to mount.
“In particular, they reaffirmed the need to stably manage supply chains for critical minerals, rare earths, urea and other materials, and agreed to closely communicate through existing dialogue channels,” the ministry said.
The two sides also reviewed progress in negotiations on the services and investment sectors under the Korea-China free trade agreement and shared the need to deliver tangible outcomes that businesses can benefit from.
They agreed that fostering a stable and predictable business environment is essential to expanding mutual investment, exchanging views on difficulties and suggestions raised by companies in both countries.
Both sides also underscored the importance of sustaining mutually beneficial cooperation, noting that recent reciprocal visits by their leaders helped restore the strategic cooperative partnership and build momentum for economic ties.
In addition, they agreed to work together in regional and multilateral frameworks — including the Asia-Pacific Economic Cooperation, the Group of 20 and the Regional Comprehensive Economic Partnership — to contribute to regional and global economic development.
Established shortly after the normalization of diplomatic ties in 1992, the Joint Economic Commission serves as a key bilateral channel between South Korea’s Foreign Ministry and China’s Ministry of Commerce for broad discussions on economic cooperation.
mkjung@heraldcorp.com
