(MENAFN- Qatar News Agency) South Korea and China agreed on Monday to cooperate in dealing with global uncertainty stemming from slowing emerging market economies and tapering of quantitative easing by the United States.
The agreement came during talks between Finance Minister Hyun Oh-seok and his Chinese counterpart Xu Shaoshi, the head of the National Development and Reform Commission (NDRC), earlier in the day in Seoul
The NDRC serves as a control tower for China's overall economic policies, South Korea's News (Yonhap) reported
South Korea and China have held regular economic cooperation meetings since 1999
The latest meeting marked the 12th of its kind and the first since new governments took office in the two countries
"Both agreed to strengthen cooperation in response to global uncertainty emanating from Washington's move to taper off its quantitative easing and economic slowdown in emerging countries," the finance ministry here said in a press release
"They also shared the view that cross-border cooperation is necessary in dealing with problems caused by capital flows as there is a limit to what a single country can do in that regard, given such challenges as the balloon effect and spillover effect," it added
The ministry said that the two shared the view that developing the service sector is a key to boosting domestic demand and achieving sustainable growth
South Korea, in particular, proposed working together with China to boost bilateral exchanges in the service sector
They also agreed to increase cooperation in expanding bilateral investment, while continuing to work together in dealing with issues related to energy and climate change, the ministry said
"It is meaningful that the latest meeting gave a chance for the new governments of both countries to meet and confirm again that they will cooperate not just on economic policies but also on issues in other areas," the ministry said.
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