China-Northeast Asia Commercial & Legal Cooperation Seminar, a sideline event of the five-day 11th China-Northeast Asia Expo, was held in Changchun on August 31.
Themed at “Commercial & Legal Services and Dispute Resolution in the Process of Regional Cooperation”, the seminar aimed at promoting and strengthening commercial & legal exchanges and cooperation between China and Northeast Asian countries.
The seminar was jointly hosted by China Council for the Promotion of International Trade (CCPIT), Government of Jilin Province, Korea Trade-Investment Promotion Agency and Mongolian National Chamber of Commerce and Industry (MNCCI), and organized by CCPIT Department of Legal Affairs and CCPIT Jilin Sub-Council, and co-organized by Jilin Provincial Department of Justice.
A Memorandum of Understanding on China-South Korea Commercial & Legal Cooperation Committee was signed between CCPIT Department of Legal Affairs and Korea Trade-Investment Promotion Agency.
CCPIT Vice Chairman Chen Zhou said that trade cooperation between China and Northeast Asian countries has broad prospects; especially the construction along the “Belt and Road” route, upgrading of China-Japan-ROK Free Trade Area and the Greater Tumen Initiative have provided historic opportunity to deepen economic and trade cooperation between China and Northeast Asian nations. Meanwhile, as Chinese enterprises speed up its “Going Global” process, legal risks, technical barriers and trade frictions have seen an increase. Professional legal services are also required by Chinese companies. Chen made three suggestions in this regard: First, building a legal exchange platform to establish a bilateral commercial and legal cooperation committee. Second, jointly stepping up the solution of diversified disputes and exploring to set up a settlement mechanism for international conflicts. Third, jointly assisting enterprises in improving the ability of risk control and providing overall legal services for enterprises.
Li Jinxiu, Vice Governor of Jilin, said that legal affairs are very important to China, and good law is the precondition of suitable governance. Jilin province is an important industrial base and commodity grain base of China. Recently, Jilin province seized the opportunity to revitalize its economy in Northeast China. Based on their own advantages, it also fostered closer economic cooperation between Northeast Asian countries and along the “Belt and Road” route so that establishing bilateral commercial and legal cooperation and a mechanism have become increasingly urgent. Li hoped that this seminar can provide commercial and legal support for creating a joint community in Northeast Asia.
Lkhagvajav Baatarjav, Chairman of the Board and President of Mongolian National Chamber of Commerce and Industry (MNCCI) suggested that trade and legal information exchange is a good way of developing trade and legal services within the framework of regional cooperation. Mongolia will promote legal communication and negotiation between lawyers and enterprises in the regional cooperation. He also hoped that Northeast Asian countries can gain experience of dispute settlement through communication and training to jointly foster commercial and legal cooperation among Northeast Asian countries.
Jung Guangyeong, Vice President of Korea Trade-Investment Promotion Agency, noted that August 24th of this year marked the 25th anniversary of the establishment of China-South Korea diplomatic ties. In the past 25 years, bilateral trade and two-way investment between China and South Korea have been close. China has become the largest exporter of South Korea. And South Korea is now one of China's four largest exporters. It is of great significance for the Memorandum of Understanding on China-South Korea Commercial & Legal Cooperation Committee, signed between Korea Trade-Investment Promotion Agency and CCPIT. Jung hoped that following the establishment of the Cooperation Committee, governments and enterprises of both countries can better learn about the law and policies of each other, contributing to the promotion of bilateral cooperation.
After the seminar, China and South Korea held the first work meeting of China-South Korea Commercial Legal Cooperation Committee and both sides signed an agreement on finalizing the missions of the Committee as soon as possible. Next, CCPIT will participate in the establishment of a commercial and legal cooperation committee with the countries along the “Belt and Road” route., for the purpose of building a commercial and legal service platform within the global range to further put the “Belt and Road” Initiative into practice.