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S. Korea grants China market status
(Reuters)
Updated: 2005-11-16 21:40
North Korea talks
The two leaders also issued a joint statement in which they urged everyone
involved in negotiations to end North Korea's nuclear programs to show
flexibility.
The leaders of all countries in the negotiations except North Korea -- China,
the United States, Japan, South Korea and Russia -- will be in the southern port
city of Pusan for a summit of the 21 leaders of the Asia-Pacific Economic
Cooperation forum.
"Both sides shared the view that each of the parties must continue to show
flexibility with sincerity and should implement the (agreement) and continue to
make progress in the process," the joint statement said.
The six agreed at talks in September that North Korea would dismantle its
nuclear weapons in return for economic and energy aid and better ties with
Washington and Tokyo.
Argentina and Brazil have both recognised China, now one of the world's top
trading nations, as a market economy last year but the European Union said this
month that it was not yet in a position to give a target date for awarding the
label.
Treating China like a non-market economy allows trading partners to use
production costs in third countries to evaluate whether Chinese imports are
"dumped," or unfairly priced.
Beijing says this means it receives higher anti-dumping duties than if
Chinese costs were used in the evaluation.
"Both sides are happy to see that trade between the two countries will reach
$100 billion in 2005, three years ahead of goal, and agreed to continue efforts
to accomplish $200 billion in bilateral trade by 2012 on the 20th anniversary of
diplomatic ties," the statement said.
Diplomatic ties between the South and China began in
1992.
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