(Photo by Yonhap)

BEIJING -  Chinese President Xi Jinping and ROK President Park Geun-hye on 27 June held talks pledging to boost multisectoral and reciprocal cooperation between the two countries.

In the Action Plan for Enhancing China-ROK Strategic Cooperative Partnership, two leaders pledged to keep close cooperation with various Asian regional economic integration platforms, such as China-ROK-Japan FTA, Regional Comprehensive Economic Partnership, Asia-pacific Trade Agreement, Greater Tumen Initiative (GTI), China-ROK- Japan Pan-Yellow Sea Economic and Technological Conference.

Hailing the remarkable progress of bilateral ties during the past 21 years since the establishment of diplomatic relations, two leaders emphasised the importance of bilateral relationship, adding that the two countries share common interests in promoting economic development, addressing regional problems and countering global challenges. The development of bilateral ties not only benefits the people of the two countries, but also preserves peace and stability in the region.

Based on the development of bilateral ties, two leaders agreed to boost China-ROK strategic partnership not only at bilateral and regional level, but also internationally to maintain peace and prosperity of the global community.

The two countries decided to greatly advance bilateral cooperation in several key areas. First, they will enhance the strategic exchanges in political security to strengthen strategic mutual trust. Second, they will expand economic and social cooperation. Third, they will promote people-to-people and cultural exchanges.

Xi said both sides should respect each other's social systems and development paths, deepen win-win cooperation, work together to establish denuclearization on the Korean Peninsula and enhance coordination and cooperation on major regional as well as global issues.

Park said the ROK is committed to safeguarding peace and stability in northeast Asia, seeking a nuclear-free Korean Peninsula and resolving relevant issues through the six-party talks. ROK appreciates China's role in promoting denuclearization and uphold peace and stability in the peninsula. Park highlighted the need to increase strategic communication as well as cooperation with China and to create favorable conditions for the resumption of the six-party talks.

Two presidents have agreed to increase exchanges at multiple levels and in various areas: to  deepen economic and technological cooperation, to make joint efforts to reach a free trade agreement, increase cultural and people-to-people exchanges, and enhance coordination with the United Nations and other major international mechanisms.

After the talk, the two sides issued a joint statement and an action plan to enhance the strategic partnership between China and the ROK.

In the action plan, the two countries have agreed to strengthen economic and trade cooperation, aiming to achieve 300 billion USD bilateral trade volume by 2015. They will make further effort to boost China-ROK FTA negotiation, and to cooperate closely in several regional integration processes including the GTI.

GTI is an important regional economic cooperation mechanism between China, Mongolia, ROK and Russia, focusing on the cooperation in the priority areas of transport, trade and investment, tourism, energy and environment in Northeast Asia. GTI has achieved notable progress in promoting policy dialogue and pragmatic cooperation activities among its members, and has contributed significantly to regional peace and stability.