eseoulpost
BusinessMarkets
S. Korea eyes opportunities in China's growing service market
min  |  min
폰트키우기 폰트줄이기 프린트하기 메일보내기 신고하기
승인 2018.01.29  
트위터 페이스북 미투데이 요즘 네이버 구글 msn
   
 

 South Korea's trade ministry said Monday it will hold talks with China to expand the scope of the two countries' free trade agreement (FTA) to the service and investment sector in a way to create new business opportunities for local companies in the tourism, culture, legal and medical industries.

The Ministry of Trade, Industry and Energy held a meeting with industry officials and trade experts to collect their opinions before launching the follow-up FTA negotiations with Beijing.

South Korea and China implemented the FTA focused on lowering tariffs on goods in December 2015 and are set to engage in talks to include the service and investment sectors.

"The follow-up FTA negotiations with China will provide an important opportunity to get ahead in China's fast growing service market and improve the South Korean service industry's competitiveness," Trade Minister Kim Hyun-chong said during the meeting. "The government will step up efforts to open markets in major areas, including tourism, culture, legal and medical services, and create a stable business environment."

 

Trade Minister Kim Hyun-chong speaks during a meeting with industry officials at the Korea International Trade Association in Seoul on Jan. 29, 2018. (Yonhap)Trade Minister Kim Hyun-chong speaks during a meeting with industry officials at the Korea International Trade Association in Seoul on Jan. 29, 2018. (Yonhap)

China has been reducing its focus on manufacturing to restructure itself toward a more service-oriented economy. China's service industry weighed in at US$5.6 trillion in 2016, becoming the world's second-biggest market.

Since South Korean companies have grappled with non-trade barriers like investment restrictions and regulations, industry experts expressed hope that follow-up negotiations would pave the way for easier access to a market of 1.4 billion Chinese consumers.

"The government should draw up its negotiation strategy for the service and investment area based on accurate understanding of the Chinese system and regulations through close communications with businesses," said Kim Young-joo, president of the Korea International Trade Association (KITA).

Local companies stressed the importance of the Chinese government's transparency and consistency in implementing regulations on foreign companies and investors to create a stable business environment regardless of the diplomatic relations between the two nations.

Last year, South Korean retailers and tourism agencies suffered from weak sales and unfavorable sentiment in China over Seoul's deployment of an American missile system, which has soured two-way relations and triggered a boycott of South Korean-made goods.

Provincial Chinese governments also banned the sale of group tours to Seoul, seen as retaliation against the installation of a Terminal High Altitude Area Defense (THAAD) battery. The move has dealt a harsh blow to local duty-free shops as Chinese tourists were their main customers.

The trade ministry said it will reflect on the opinions of industry officials from various sectors when submitting its FTA negotiation plan to the National Assembly, before launching official talks with China, although it did not elaborate on specific schedules.

On Friday, Finance Minister Kim Dong-yeon will meet with He Lifeng, chairman of China's National Development and Reform Commission, to discuss ways to step up economic cooperation and boost trade between the two nations. (Yonhap News)

 

< 저작권자 © eseoulpost 무단전재 및 재배포금지 >
폰트키우기 폰트줄이기 프린트하기 메일보내기 신고하기
트위터 페이스북 미투데이 요즘 네이버 구글 msn 뒤로가기 위로가기
이 기사에 대한 댓글 이야기 (0)
자동등록방지용 코드를 입력하세요!   
확인
- 200자까지 쓰실 수 있습니다. (현재 0 byte / 최대 400byte)
- 욕설등 인신공격성 글은 삭제 합니다. [운영원칙]
이 기사에 대한 댓글 이야기 (0)
Most Read
1
The 4th Seoul Story Fashion Show held at Han Riverside park on August 18
2
In U.S. visit, Taiwan's Tsai quotes Reagan's remarks on freedom
3
National Media Council, SONY organise photography workshop
4
African Gov’t, Civil Society Resolve All-out Cooperation and Participation for a Peaceful Africa
5
Dubai Cares launches gender equality programme in Central America
6
Taiwan President Tsai decorated in Belize
7
ICCA Congress 2018 to support Dubai eyesight charity
8
Dubai Tourism participates in environmental campaign
9
Charity Sharjah's sacrificial distribution programme to cover 55 countries
10
UAE-funded fishing boats' berth in Khokha, Hodeidah, back to business
Photo News Green Biz
Etihad ESCO plans to reduce more than one million tonnes of carbon dioxide by 2030
Etihad ESCO plans to reduce more t...
min
Sharjah Municipality, MOCCAE discuss cooperation to protect environment
Sharjah Municipality, MOCCAE discu...
min
Earth Hour 2018: Lights out across UAE as Earth Hour is marked
Earth Hour 2018: Lights out across...
min
Suqia plays key role in enhancing UAE's global efforts to address water challenges
Suqia plays key role in enhancing ...
min
UAE Innovation Month: Innovative Initiatives by Sharjah Development Forum to Serve UAE’s Technical Sector
UAE Innovation Month: Innovative I...
min
Photo News Sports
UAE gearing up for Asia's biggest football tournament
UAE gearing up for Asia's biggest ...
MIN
Taiwan blasts China for blocking Taichung games
Taiwan blasts China for blocking T...
min
S. Korean table tennis player savors 'historic' title with N. Korean partner
S. Korean table tennis player savo...
min
S. Korean golfer Kim Sei-young sets LPGA scoring records to win Thornberry Creek Classic
S. Korean golfer Kim Sei-young set...
min
Italy to host 25th UAE President’s Cup World Series for Purebred Arabian Horses
Italy to host 25th UAE President’s...
min
(World Cup) S. Korean World Cup team returns to warm welcome after shock win vs. Germany
(World Cup) S. Korean World Cup te...
min
(World Cup) S. Korea stun Germany on way out of World Cup
(World Cup) S. Korea stun Germany ...
min
(World Cup) S. Korean president to attend match vs. Mexico, meet nat'l players
(World Cup) S. Korean president to...
min
Photo News World
UAE gearing up for Asia's biggest football tournament
UAE gearing up for Asia's biggest ...
MIN
Taiwan blasts China for blocking Taichung games
Taiwan blasts China for blocking T...
min
S. Korean table tennis player savors 'historic' title with N. Korean partner
S. Korean table tennis player savo...
min
S. Korean golfer Kim Sei-young sets LPGA scoring records to win Thornberry Creek Classic
S. Korean golfer Kim Sei-young set...
min
Italy to host 25th UAE President’s Cup World Series for Purebred Arabian Horses
Italy to host 25th UAE President’s...
min
(World Cup) S. Korean World Cup team returns to warm welcome after shock win vs. Germany
(World Cup) S. Korean World Cup te...
min
(World Cup) S. Korea stun Germany on way out of World Cup
(World Cup) S. Korea stun Germany ...
min
(World Cup) S. Korean president to attend match vs. Mexico, meet nat'l players
(World Cup) S. Korean president to...
min
Photo News Opinion
Moon says ending division of two Koreas will achieve 'true liberation'
Moon says ending division of two K...
min
S. Korea supplies electricity for liaison office in N. Korea's border city
S. Korea supplies electricity for ...
min
Koreas to have more consultations to determine date for Sept. summit: official
Koreas to have more consultations ...
min
Gov't bans operation of uninspected BMW vehicles
Gov't bans operation of uninspecte...
min
Moon-Kim summit logistics likely to be decided on at high-level talks Monday
Moon-Kim summit logistics likely t...
min
OECD warns S. Korea is facing some stiff challenges
OECD warns S. Korea is facing some...
min
N. Korean coal, pig iron illegally shipped to S. Korea: customs office
N. Korean coal, pig iron illegally...
min
Koreas to hold high-level talks next week to discuss holding summit
Koreas to hold high-level talks ne...
min
Newspaper AboutNews ReportAdvertiseComplaintsPrivacy PolicyJuvenile protectionRejection of E-mail Collection
Gangnam-gu, Teheran 52 street in Tehran Bldg, 616(Yeoksam-dong)  |  Main Phone: 02) 563-0604  |  Fax: 02) 538-5665
Chairman : jeong-woo Lee  |  Advisor : byung-il Min  |  Publisher: jae-mo Kah  |  Editors: il-hong Kim
Registration Number 1928 Seoul ah  |  eseoulpost.com / eseoulpost.net / Global Korea.,Ltd
Copyright © 2011 eseoulpost. All rights reserved. mail to jaemokah@daum.com , kih10kr@empas.com/ www.globalkorea.info
arabafrica.net / UAE Interract / Emirtes News Agency(WAM)/ http://wam.org.ae / www.uaeinteract.com