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AIIB marks closer ties between China and S. Korea
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South Korea was among eight countries recently ratified as founding members of the Asia Infrastructure and Investment Bank (AIIB). The AIIB, which has 57 founding members, aims to finance infrastructure across Asia.
Hyun In-Taek, former head of South Korea’s Ministry of Unification, described bilateral ties as a “first leap” after China and South Korea established formal diplomatic relations in 1992. In a speech delivered at a forum in Shanghai recently, Hyun anticipated a “second leap” in relations between the two counties over the next 25 years.
The forum concerning the future of China and South Korea was jointly held by South Korea’s consulate general in Shanghai and the Shanghai Public Diplomacy Association.
Hyun praised the China-South Korea Free Trade Agreement which was made official last November after 12 rounds of negotiations dating back to May 2012. South Korea’s President Park Geun-hye stated that her government would make efforts to put the agreement into force as soon as possible.
“It will turn a new page in economic cooperation between the two countries,” said Hyun.
Trade volume between the two countries reached US$250 billion by 2013 and South Korea is China’s second biggest overall trading partner. China now imports more goods from South Korea than from any other country, displacing Japan from the top spot, and is South Korea’s top export market, said Hyun.
South Korea officially opened its onshore Won and Yuan direct trading market in December in Seoul. Bilateral trade this year is anticipated to exceed the symbolic figure of US$300 billion, added Hyun.
And it’s not only trade that’s booming. There has also been a rapid surge in visits by Chinese and South Koreans to each other’s countries. Last year, more than 10 million people from both countries made the trip across the Yellow Sea, he said.
Hyun said he believed that moves to update diplomatic security relations between China and South Korea would take place in the near future.
He indicated that the proper solution to the nuclear issue is the denuclearization of the Korean Peninsula which “will bring stability and peace to the peninsula as well as new opportunity and turning point to North-South relations.”
Hyun added that China’s “One Belt One Route” policy offered opportunities to South Korea.
“President Xi Jinping and the Chinese government are vigorously promoting the ‘Silk Road” and ‘One Belt One Route’ policy. The ‘Silk Road’ goes west through China to Europe and east to the south of the Korean Peninsula. A huge Eurasian New Silk Road will be in front of us,” he said.
Hyun added that South Korea believed that AIIB membership would help relations on the Korean Peninsula. “The reason for South Korea joining the AIIB initiated by China is because it is closely bound to the future of the Korean Peninsula. After the denuclearization of the Korean Peninsula, cooperation between South Korea and China under the framework of the AIIB will greatly help the infrastructure construction of North Korea. Constant effort will bring us a peaceful peninsula which is more economically integrated.”
Following Hyun’s speech, Zhang Yunling, deputy chairman of the China-South Korea Friendship Association and an international studies academic, said at the forum that the leaders of the two countries have reached a broad consensus to deepen the strategic partnership of China and South Korea.
“President Xi Jinping said during his visit to South Korea (in 2014) that a good neighbor is priceless. From my personal view, China and South Korea can be very good neighbors.”
Zhang said China’s “One Belt One Route” strategy will link with South Korea’s “Eurasian initiative.” South Korea’s President Park called for Eurasian nations to be bound closer together through roads and railway links and for the construction of a logistics networks. The initiative involves building a “Silk Road Express” and establishing vast cross-border energy networks.
Zhang praised South Korea’s decision to join the AIIB.
“The AIIB is initiated by China but not dominated by China. We discuss together and jointly build a new regional system for a new round of development.”
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