(LEAD) S. Korea, China agree to establish diplomatic security dialogue

Leaders of South Korea and China met in Seoul on Sunday and agreed to establish a diplomatic security dialogue and resume negotiations to upgrade the bilateral free trade agreement (FTA) to boost economic ties between the two countries. President Yoon Suk Yeol and Chinese Premier Li Qiang reached the agreement during their meeting to boost trade and investment and cooperation on the supply chains of key industries, the presidential office said in a release. Yoon and Li agreed to establish the diplomatic security dialogue, a 2+2 dialogue consultative body between the foreign and defense ministries, and hold the first meeting in mid-June. The two sides also agreed to resume the second phase of negotiations for the bilateral FTA to boost service trade and investment in early June. The first phase of the FTA, which took effect in December 2015, removed tariffs on major goods. "The discussions will go beyond market opening in the trade of goods to include sectors such as services, culture, tourism and legal se rvices, to expand exchanges and openness between the two countries," Principal Deputy National Security Adviser Kim Tae-hyo said in a press briefing. In addition, a bilateral investment cooperation committee will resume later this year after a 13-year hiatus, and a senior-level dialogue involving the two countries' trade ministries will also be launched to discuss ways to stabilize the supply chains of key industries. China is South Korea's largest trading partner, but bilateral relations have been strained amid Seoul's closer alignment with Washington under the Yoon administration. Their meeting comes at a time when China is facing intensifying competition with the United States in cutting-edge technologies, including semiconductors and artificial intelligence, among others. During the meeting, Yoon asked China, as a permanent member of the United Nations Security Council, to actively contribute to promoting peace in light of North Korea's nuclear development and its military cooperation with Russia, acc ording to a senior presidential official. "I believe that South Korea and China should closely cooperate not only for our bilateral relationship but also for the peace and prosperity of the international community," Yoon said in his opening remarks. Yoon underscored the importance of working with China to address rising economic uncertainties in the wake of the ongoing war in Ukraine and the Israel-Hamas conflict. "I hope we can continue to strengthen our cooperation amid today's global complex crises," he said. Li highlighted the close economic relations between the two countries and expressed hope for further developing ties for "mutual benefit" and a "win-win relationship." "China wishes to work together with South Korea to become a reliable and good neighbor and supportive partner who help each other succeed," Li said. Li made his first visit to South Korea since taking office in March 2023 to attend a trilateral summit with Yoon and Japanese Prime Minister Fumio Kishida set for Monday. Yoon and Li held their first meeting in September 2023 in Indonesia on the sidelines of a summit of the 10-member Association of Southeast Asian Nations. This visit marks the first by China's No. 2 in nine years since former Premier Li Keqiang. Source: Yonhap News Agency