Bilateral trade between China and South Korea surpassed $360 billion over the past 30 years since the two countries established diplomatic ties and cumulative two-way investment exceeded $100 billion, as the two countries have become important trade partners, Shu Jueting, a spokesperson for China's Ministry of Commerce (MOFCOM), said on Thursday. 

The remarks came as China-South Korea ties face some uncertainties recently, as the US is stepping up its attempt to turn South Korea into a force in its broadening campaign to contain China. 

US President Joe Biden is scheduled to visit South Korea later this week, aiming to push its so-called Indo-Pacific Economic Framework. South Korea has reportedly agreed to become an initial member of the deal, raising concerns among businesses for China-South Korea economic and trade ties. 

China is willing to work with South Korea to implement the Joint Plan for China-South Korea Economic and Trade Cooperation (2021-2025), while promoting the high-quality implementation of the Regional Comprehensive Economic Partnership (RCEP), as 2022 marks the 30th anniversary of the establishment of diplomatic relations, according to Shu. 

Shu's remarks came in response to media questions over the ministry's expectations for future bilateral trade and the implementation of the RCEP.

The RCEP, which took effect at the beginning of 2022, has provided broader space for the two member countries to further deepen economic, trade and investment cooperation, as well as other partnerships. 

In the first quarter of 2022, imports and exports between China and South Korea accounted for 20 percent of China's total trade with RCEP partners, Li Kuiwen, an official with the General Administration of Customs (GAC), said in April. 

Shu added that the two sides have smoothly implemented the China-South Korea Free Trade Agreement, while steadily promoting the construction of their joint industrial parks and continuously deepening third-party market cooperation to form a deeply integrated and stable supply chain between them. 

South Korea remained China's fourth largest trade partner from January to April, with the total imports and exports in the first four months of the year reached $120.2 billion, up 10.6 percent compared with the same period in 2021, data from the GAC showed. 

Investment from South Korea surged 76.3 percent in the first four months of the year, data from MOFCOM on May 12 showed.  

China will continue to deepen cooperation in trade and investment with South Korea, while working with the neighboring country to explore more potential in new fields, said Shu. 

Global Times