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Korea, China to reach USD 300 billion in trade by 2015

Korean President Lee Myung-bak and Chinese Premier Wen Jiabao agreed to increase bilateral trade to USD 300 billion by 2015.

The two leaders highly appreciated the fact that their cooperative relationship has fared well based on mutual trust and reached the agreement in a bilateral summit on the sidelines of the ASEAN+3 Summit in Phnom Penh, Cambodia, on November 19, according to Cheong Wa Dae.

The two leaders also said they hope that the two countries’ cooperative relationship will continue to improve under new leadership in the future.

Korean President Lee Myung-bak and Chinese Premier Wen Jiabao in a bilateral summit on the sidelines of the ASEAN+3 Summit in Phnom Penh, Cambodia (photo courtesy of Cheong Wa Dae)Korean President Lee Myung-bak and Chinese Premier Wen Jiabao in a bilateral summit on the sidelines of the ASEAN+3 Summit in Phnom Penh, Cambodia (photo courtesy of Cheong Wa Dae)

On the issue of Korea-China FTA negotiations, President Lee said, “Negotiations should proceed in a way that will vitalize the two countries’ economies. The harder the global economy is, the more they should pursue free trade, not protectionism.”

As for the relationship between South and North Korea, Prime Minister Wen said, “President Lee explained his will to improve relations between the two Koreas; it is highly regarded that President Lee’s words and actions are on the same line.”

“There is no country that intends to invade North Korea,” said President Lee in response. “South Korea will response to North Korea’s provocation but if not, we are always to ready to talk. North Korea should put the livelihood of its people and economy first.”

Wen also agreed to the comment, according to Cheong Wa Dae.

By Limb Jae-un
Korea.net Staff Writer
jun2@korea.kr

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