KITA Sent This Year’s First
Korea-China Trade Promotion Delegation
Expansion to the Midwest markets, including Chengdu
in Sichuan province and Wuhan in Hubei province-
Korea International Trade Association (Chairman, KIM In-ho) has sent the
'Korea-China FTA Trade Promotion Delegation (Head: Vice Chairman Kim Jung-kwan)'
for the first time this year.
With 25 small and medium-sized
exporters, mainly from consumer goods industry, the delegation visited the
Midwest region of China, including Chengdu in Sichuan province and Wuhan in Hubei
province from June 12 to June 16 and carried out consultations. This is the
first time for the Korea International Trade Association to send the Korea-China
FTA trade delegation to China since the tie between the two countries has
deteriorated due to the THAAD issue.
China is Korea's largest export
destination and is emerging as the biggest consumer market in the world with
the growth strategy shift to focus on domestic demand and quality-oriented
advancement as well as One Belt One Road policy. In particular, Korea has great
advantages in entering into the Chinese market as the Korea-China FTA has been
effectuated and there is a high preference for Korean products in China.
Although many Korean companies have turned their attention to other countries
such as Southeast Asia since the relationship between the two countries has
worsened due to the recent THAAD problem, KITA and the participating companies
of this delegation decided to choose a head-on breakthrough as Korea cannot
give up the Chinese market.
The Korea International Trade
Association has dispatched a total of 958 companies to China for 34 times to
support SMEs' entry into China, starting with the first delegations to Beijing
and Shanghai in 2001. Last year, KITA sent a total of three Korea-China FTA
trade promotion delegations. This delegation focused mainly on food, cosmetics,
household goods, fashion items, etc. and 90 Chinese buyers in Chengdu conducted
one on one business consultation meetings with Korean companies on 13th.
On the 15th, some 100 Chinese buyers will have consultation session
In addition to consultations, KITA
actively implemented private trade activities with Chinese organizations. Kim
Jung-kwan, Vice Chairman of the Korea International Trade Association, who led
the delegation, will sign a Memorandum of Understanding (MOU) with the China
Council for the Promotion of International Trade (CCPIT) in Sichuan province on
13th and will complete an agreement with CCPIT in Wuhan on 15th.
Chairman Kim Jung-kwan said, "The more difficult we are, the more we need
to actively knock on the door of the Chinese market to prepare for the thawing
of bilateral relations. Participation of many buyers in the consultation
session with the delegation and the signing business agreements with Chinese
organizations imply that China is still interested in Korean products and
KITA is planning to send 2-3 trade promotion delegations to China in the second
half of this year and carry out consultation meetings by inviting buyers.