Xi Jinping's Visit To South Korea And China ROK Cooperation To Speed Up China's Textile And Clothing Trade

Chinese President Xi Jinping held a state visit to South Korea on 3 - 4 July. This is the first time that he has made a special trip to 1 countries after he became president of the country. Peng Liyuan Xi Jinping is the first Chinese head of state to visit South Korea without visiting North Korea (China's only ally), which reflects the importance of South Korea as an economic partner to China.

　　 The Republic of Korea The Newcastle news agency reported that Xi Jinping's visit to South Korea was unprecedented. Not only the delegation of more than 80 people included 3 deputy prime ministers and 4 ministerial level officials, but also about 200 Chinese executives, including the founder of Alibaba (Alibaba), Ma Yun (JackMa) and the chairman of search engine Baidu (Baidu) Robin Li (RobinLi). The two sides will sign consular agreements and more than ten cooperation documents.

Several "biggest" economic and trade fields also highlight the close ties between China and South Korea: China is Korea's largest trading partner, largest export market, largest source of import country and largest overseas investment destination. In 2013, bilateral trade between China and South Korea exceeded 270 billion US dollars, representing the sum of Yu Han's us, Korea Japan trade volume.

In his meeting with South Korean President Park Geun hye in Seoul, President Xi Jinping pointed out that in order to achieve the goal of bilateral trade volume of US $300 billion in 2015, we hope that the two sides will intensify their negotiations and strive to complete negotiations between China and South Korea on the free trade agreement by the end of this year, and strive for a general balance, high level and win-win agreement.

With the successful visit of President Xi Jinping, the signing of the cooperation agreements between China and South Korea in the fields of environmental protection, energy, medicine and media and the signing of the FTA between China and South Korea will further strengthen the status of China South Korea's interest community. For textile enterprises, how can we catch the opportunity of the Sino Korean trade cooperation warming up, seize the opportunity and give full play to the potential of China's textile industry?

It is understood that the amount of textiles and clothing exported to South Korea increased from US $3 billion 806 million in 2003 to US $6 billion 789 million in 2013. In 2013, the amount of textiles and clothing exported to China increased by 16.6% over the same period last year. In particular, clothing exports amounted to US $3 billion 950 million, an increase of 21.1% over the same period last year.

In the first 5 months of 2014, the amount of textiles and clothing exported to Korea amounted to US $2 billion 967 million, up 16.33% from the same period last year. I believe that with the stimulation of trade cooperation between China and South Korea, the volume of textile and clothing exported to China will also increase further.

In contrast, imports were relatively stable, maintained at 20~27 billion dollars, and imports in 2013 were $2 billion 447 million, down 2.93% from the same period last year. In the first 5 months of 2014, the amount of textiles and clothing imported from China amounted to US $743 million, down 0.71% from the same period last year.

As a major producer of traditional textile and garment industry, the Sino Korean textile and garment industry will further diversify and deepen in the future. In the future of strengthening trade cooperation between China and South Korea, China's textile and garment enterprises should fully understand the direction of the policy of the country, pay attention to the dynamic cooperation between China and Korea, make use of the preferential trade conditions for the establishment of the China ROK free trade area and the direct exchange between China and South Korea in the course of the visit, and deepen the understanding of trade and investment cooperation between them so as to achieve the goal of mutual benefit and win-win.