Seoul, South Korea (AP) – South Korea and China agreed Tuesday to pursue joint projects in the energy sector to cope with rising global oil prices.
“The two sides agreed to strengthen cooperation in their policies related with high oil prices and the issue of global energy supply,” South Korea’s Ministry of Commerce, Industry and Energy said in a statement after a meeting between South Korea’s Commerce Minister Chung Sye-kyun and his Chinese counterpart, Ma Kai.
Under the agreement, South Korea and China agreed to pursue joint projects in the fields of renewable energy, oil reserves, electricity and gas, the ministry said, without mentioning how the two countries will cooperate.
In the meeting, the seventh between the two countries, Chung suggested sharing technological know-how between South Korea and China, the ministry said.
Ma, minister of National Development and reform Commissions, said China has put top-priority on saving energy, according to the ministry.
South Korea and China also agreed to increase exchanges between small- and medium-sized businesses and increase cooperation in their industrial policies, according to the ministry.
China replaced the United States as South Korea’s largest trading partner in 2004.