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China trade
EconomyChina Economy

China, South Korea sign US$44 million in trade deals after years of friction

High-level summit strengthens bilateral ties after years of strained relations, as China shores up regional relationships amid row with Japan

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(L-R) South Korean President Lee Jae Myung and his wife, Kim Hea Kyung take a selfie with Chinese President Xi Jinping and his wife, Peng Liyuan, by using a Xiaomi smartphone following a state dinner in Beijing on Monday. Photo: EPA/Yonhap/South Korea Out
Yeon Woo Lee
China and South Korea have reignited their economic cooperation after years of relatively muted ties, signing US$44 million in new export deals and dozens of memorandums of understanding (MOUs) in the wake of a high-level summit held amid shifting regional dynamics – most notably, a protracted diplomatic dispute between Beijing and Tokyo.
South Korea hosted its first export promotion and investment attraction event in Beijing in nine years, according to its Ministry of Trade, Industry and Resources. The event, held on Tuesday, drew around 300 participants, including business leaders and investors from both countries.

Major Chinese tech firms such as Alibaba, JD.com and Tencent were there, along with representatives from provincial governments in Shandong and Liaoning.

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The event featured one-on-one export consultations, investment briefings by South Korean regional governments and showcases of Korean consumer goods. As a result, 24 export contracts worth a combined US$44.11 million were signed, the ministry said.

The flurry of agreements follows South Korean President Lee Jae Myung’s summit with President Xi Jinping on Monday.
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The event was seen as a turning point in long-term efforts to mend bilateral ties, strained since Seoul’s 2017 deployment of the US-made Terminal High Altitude Area Defence (THAAD) missile system, which Beijing strongly opposed.

According to South Korea’s presidential office, the economic delegation accompanying Lee included 400 participants from 161 companies, including top executives from major conglomerates such as Samsung, SK, Hyundai and LG.

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