ADMIN 2019. 07. 17.
 Korea, China should cooperate on energy
글쓴이: GMG  날짜: 2004.06.24. 18:57:59   조회: 2910   글쓴이IP:
Korea and China should consider joint purchase of energy to increase negotiating leverage with oil-producing countries, business leaders from the two countries agreed yesterday.
They also said that the time is ripe to begin discussing the possibility of a free-trade agreement between the countries and that benefits from such a deal would far outweigh any negatives.

"We agreed that putting up a joint front could help overcome the 'Asian premium' put on crude oil prices and increase our negotiating power,'" said Hyun Myung-kwan, vice chairman of the Federation of Korean Industries, at a news conference held at Shilla Hotel in downtown Seoul.

The news conference followed a three-hour meeting between members of the federation, a lobby for business, and members of its Chinese counterpart, the China Enterprise Confederation/China Enterprise Directors' Association. The meeting was the first of its kind.

Sun Yan Hu, vice chairman of the Chinese group, said at the news conference that energy is a crucial factor in China's pursuit of fast economic growth.

"China produces petroleum but not enough. I believe by strengthening cooperation, we can avoid being exploited," Sun said.

China overtook Japan last year to become the world's second-biggest oil consumer behind the United States. Korea, one of the biggest oil consumers in Asia, imports all of its oil.

The two leaders also agreed that the countries should consider joint oil stockpiling and transport.

On the push for a free-trade deal, Hyun said that the countries agreed that benefits would be great, given that their trade structures are complementary in many ways.

Hyun said Korea has asked China to improve the investment environment for Korean companies, whose presence there is rising dramatically.

In particular, Korea asked China to drop antidumping cases against it and prevent the violation of intellectual property rights.

The volume of two-way trade surged from $23.7 billion in 1997 to $57.0 billion last year, according to the Korea International Trade Association. Korea accounted for 19 of the 30 cases of antidumping that China, Korea's prime export destination, levied against exporters since 1997.

Regarding Korea's concerns about China's recent decision to pace its economic growth, Sun said the measures are not intended to be "intense retrenchment," but "adequate and differentiated according to sectors."

"For those sectors that have overheated, such as some steel items, real estate and construction, we're strengthening conditions required to enter the market," Sun said. "But for other sectors such as transportation, energy, science and high-tech, environment and education, we're actually carrying out a support policy."

On April 28, Chinese Premier Wen Jiabao said Beijing would take "forceful" measures to rein in its runaway economy amid escalating concerns about inflation and a credit bubble.


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