KITA News and Reports
  • KITA Sent This Year’s First Korea-China Trade Promotion Delegation
    2017-06-13

    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-

     

    The 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 Wuhan.

     

    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.

     

    Vice 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 economic exchanges."

     

    Meanwhile, 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. 

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