15th Round of RCEP Phase 2 Negotiations Launched in Beijing

(CNA Taipei, 22nd) According to Yonhap News Agency, the South Korean Ministry of Trade, Industry and Energy announced today that the 15th round of negotiations for the second phase of the RCEP free trade agreement was launched in Beijing today and will last for 5 days.

Kwon Hye-jin, Director-General for Trade Negotiations of the Ministry of Trade, Industry and Energy of South Korea, and Lin Feng, Director-General of the Department of International Trade and Economic Relations of the Chinese Ministry of Commerce, served as chief representatives for their respective sides. More than 30 representatives from both countries attended the meeting. The two sides will engage in in-depth consultations on issues such as the agreement text and market opening in three major areas: cross-border service trade, investment, and financial services, striving to achieve substantial progress.

The RCEP free trade agreement was signed in 2015 and entered into force in December of the same year. The two sides launched the second phase of negotiations in March 2018. To date, 14 formal negotiation rounds and multiple working meetings have been held, continuously exchanging views on issues such as expanding service trade openness and improving the investment environment.

When the leaders of the two countries held talks in January this year, they agreed to promote positive progress in the follow-up negotiations of the free trade agreement within the year. In the RCEP Economic and Trade Ministers' Meeting held in March this year, the two sides also discussed related issues.

The South Korean Ministry of Trade, Industry and Energy stated that a joint committee meeting for the RCEP free trade agreement will also be held this week, along with a meeting between the economic and trade ministers of the two countries, to study specific measures to promote progress in the negotiations. (Editor: Zhu Jianling / Lu Jialong) 1150622

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