China, ROK Reach Agreement on Garlic TradeChina and the Republic of Korea (ROK) signed a memorandum of understanding Saturday on garlic trade.The agreement put an end to the dispute over ROK's high-tariff measures against Chinese garlic, an issue that has overshadowed trade relations between the two countries. The MOU was signed by Chinese Foreign Trade and Economic Cooperation Minister Shi Guangsheng and his ROK counterpart Hwang Doo Yun, to solve the problems arising in the implementation of an agreement signed between the two countries last year, under which the ROK was to import 32,000 tons of Chinese garlic at low tariffs in 2000, and the amount was to grow by 5.25 percent annually within a term of three years. The two sides agreed during their talks prior to the signing of the MOU that "such a minor issue should no longer affect the overall situation of bilateral trade". Shi Guangsheng urged the ROK government to, taking the general interests of bilateral friendship and economic cooperation into consideration, adopt effective measures to expand imports from China by removing tariffs and non-tariff barriers and creating favorable conditions and a good environment for Chinese products to enter the ROK market, so as to ease China's huge deficits in bilateral trade and boost trade and economic relations. The two sides agreed that they will make full use of the existing consultation mechanism in finding timely solutions to problems that arise in bilateral trade. |
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