CNN.com - Seoul grants China market status - Nov 16, 2005
CNN.com - Seoul grants China market status - Nov 16, 2005Seoul grants China market status
SEOUL, South Korea (Reuters) -- President Roh Moo-hyun said on Wednesday that South Korea had granted Beijing market economy status, a landmark move that will give China greater protection from anti-dumping duties on exports.
Roh was speaking during Hu's two-day state visit to Seoul, the first by a Chinese president since former President Jiang Zemin made a state visit in 1995.
"On the occasion of President Hu's visit, I officially conveyed our government's decision to recognize China's position as a market economy status. Through this, I expect South Korea-China relations to develop a step higher," Roh told a joint news conference with Hu.
South Korea's decision to open up to China now was another piece of evidence of the warm ties between the two countries, enemies up until the early 1990s after China fought on the side of the North in the 1950-53 Korean War.
Under the terms of China's 2001 accession to the World Trade Organization, members of the trade body can treat China as a "non-market economy" until 2016.
China became South Korea's largest trading partner last year, with two-way trade totalling $79.35 billion, up 39.2 percent from the year before, according to South Korean government figures.
North Korea talks
The two leaders also issued a joint statement in which they urged everyone involved in negotiations to end North Korea's nuclear programs to show flexibility.
The leaders of all countries in the negotiations except North Korea -- China, the United States, Japan, South Korea and Russia -- will be in the southern port city of Pusan for a summit of the 21 leaders of the Asia-Pacific Economic Cooperation forum.
"Both sides shared the view that each of the parties must continue to show flexibility with sincerity and should implement the (agreement) and continue to make progress in the process," the joint statement said.
The six agreed at talks in September that North Korea would dismantle its nuclear weapons in return for economic and energy aid and better ties with Washington and Tokyo.
Argentina and Brazil have both recognised China, now one of the world's top trading nations, as a market economy last year but the European Union said this month that it was not yet in a position to give a target date for awarding the label.
Treating China like a non-market economy allows trading partners to use production costs in third countries to evaluate whether Chinese imports are "dumped," or unfairly priced.
Beijing says this means it receives higher anti-dumping duties than if Chinese costs were used in the evaluation.
"Both sides are happy to see that trade between the two countries will reach $100 billion in 2005, three years ahead of goal, and agreed to continue efforts to accomplish $200 billion in bilateral trade by 2012 on the 20th anniversary of diplomatic ties," the statement said.
Diplomatic ties between the South and China began in 1992.
Copyright 2005 Reuters. All rights reserved.This material may not be published, broadcast, rewritten, or redistributed.
Find this article at:
http://edition.cnn.com/2005/BUSINESS/11/16/skorea.china.reut/index.html
SEOUL, South Korea (Reuters) -- President Roh Moo-hyun said on Wednesday that South Korea had granted Beijing market economy status, a landmark move that will give China greater protection from anti-dumping duties on exports.
Roh was speaking during Hu's two-day state visit to Seoul, the first by a Chinese president since former President Jiang Zemin made a state visit in 1995.
"On the occasion of President Hu's visit, I officially conveyed our government's decision to recognize China's position as a market economy status. Through this, I expect South Korea-China relations to develop a step higher," Roh told a joint news conference with Hu.
South Korea's decision to open up to China now was another piece of evidence of the warm ties between the two countries, enemies up until the early 1990s after China fought on the side of the North in the 1950-53 Korean War.
Under the terms of China's 2001 accession to the World Trade Organization, members of the trade body can treat China as a "non-market economy" until 2016.
China became South Korea's largest trading partner last year, with two-way trade totalling $79.35 billion, up 39.2 percent from the year before, according to South Korean government figures.
North Korea talks
The two leaders also issued a joint statement in which they urged everyone involved in negotiations to end North Korea's nuclear programs to show flexibility.
The leaders of all countries in the negotiations except North Korea -- China, the United States, Japan, South Korea and Russia -- will be in the southern port city of Pusan for a summit of the 21 leaders of the Asia-Pacific Economic Cooperation forum.
"Both sides shared the view that each of the parties must continue to show flexibility with sincerity and should implement the (agreement) and continue to make progress in the process," the joint statement said.
The six agreed at talks in September that North Korea would dismantle its nuclear weapons in return for economic and energy aid and better ties with Washington and Tokyo.
Argentina and Brazil have both recognised China, now one of the world's top trading nations, as a market economy last year but the European Union said this month that it was not yet in a position to give a target date for awarding the label.
Treating China like a non-market economy allows trading partners to use production costs in third countries to evaluate whether Chinese imports are "dumped," or unfairly priced.
Beijing says this means it receives higher anti-dumping duties than if Chinese costs were used in the evaluation.
"Both sides are happy to see that trade between the two countries will reach $100 billion in 2005, three years ahead of goal, and agreed to continue efforts to accomplish $200 billion in bilateral trade by 2012 on the 20th anniversary of diplomatic ties," the statement said.
Diplomatic ties between the South and China began in 1992.
Copyright 2005 Reuters. All rights reserved.This material may not be published, broadcast, rewritten, or redistributed.
Find this article at:
http://edition.cnn.com/2005/BUSINESS/11/16/skorea.china.reut/index.html
posted by Eastlaw @ 7:38 AM
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