Gyeongju: President Lee Jae Myung and Chinese President Xi Jinping have agreed to work collaboratively to foster peace on the Korean Peninsula, National Security Adviser Wi Sung-lac announced. The agreement comes as South Korea looks to China to help restart dialogues with North Korea, against the backdrop of the Asia-Pacific Economic Cooperation summit in Gyeongju.
According to Yonhap News Agency, Lee has urged Xi to take on a constructive role in promoting peace and co-prosperity on the peninsula. This marks Xi's first visit to South Korea in 11 years, emphasizing the importance of the summit. Lee noted the recent increase in high-level exchanges between North Korea and China as a favorable development that could lead to renewed engagement with Pyongyang.
During the summit, Lee emphasized the importance of regional security and expressed a desire for South Korea and China to enhance strategic communication. He also highlighted a shift in economic cooperation between the two nations from a "vertical structure" to a "horizontal one," advocating for a "mutually beneficial" relationship.
Xi expressed China's commitment to maintaining policy consistency and stability in its relations with South Korea. He emphasized the importance of deepening communication to address challenges and foster long-term development in the region. Xi referred to the two countries as "close neighbors" and "inseparable partners in cooperation," underscoring the co-prosperity achieved through their sustained exchanges.
Following the summit, Lee and Xi agreed to pursue peace together, acknowledging their shared goal of promoting stability and prosperity. At a state dinner, Lee expressed hope that China would play a constructive role in opening a new era of peaceful coexistence and shared growth.
On the sidelines, both governments signed seven memorandums of understanding to expand cooperation in various areas. Notably, the central banks renewed a currency swap agreement worth 70 trillion won (US$48.9 billion). Another MOU focused on strengthening exchanges in services and trade, aiming to advance negotiations for upgrading their free trade agreement. Agreements were also made for collaboration between law enforcement agencies on tackling voice phishing and online scam crimes.
Wi highlighted that the summit marked a "full restoration" of Seoul-Beijing ties through the Lee administration's diplomacy focused on national interests. Lee outlined his government's initiatives for denuclearization and sought Xi's support in resuming dialogue with North Korea. Xi assured continued efforts to promote peace on the peninsula.
The summit also addressed sensitive issues, including China's sanctions on U.S. subsidiaries of Korean shipbuilder Hanwha Ocean and the ongoing U.S.-China trade dispute. Wi expressed optimism that easing tensions between Washington and Beijing could lead to progress for Hanwha Ocean. Additional discussions covered China's installation of steel structures in the Yellow Sea and restrictions on Korean cultural imports, with both sides agreeing to resolve these issues through communication.