Chinese Premier Li Keqiang speaks during a meeting with Klaus Schwab, executive chairman of the World Economic Forum (WEF), via video link at the Great Hall of the People in Beijing, China, July 19, 2022. (ZHANG LING / XINHUA)

Premier Li Keqiang has called for joint efforts by Beijing and Seoul to work toward another 30 years of common development and prosperity, saying that the two sides should reach agreements on the second phase of a bilateral free trade agreement as soon as possible.

Li made the remarks in a speech delivered on Wednesday via video link at a business cooperation forum marking the 30th anniversary of the establishment of diplomatic ties between China and the Republic of Korea.

Premier Li Keqiang highlighted the need for both sides to enhance their complementary strengths and work more closely together in areas including innovation and entrepreneurship, advanced manufacturing, the digital economy and the response to climate change

He called on the two nations to stay committed to good neighborliness, mutual respect and treating each other as equals, accommodate each other's core interests and major concerns, and promote the healthy development of bilateral ties.

The premier highlighted the need for both sides to enhance their complementary strengths and work more closely together in areas including innovation and entrepreneurship, advanced manufacturing, the digital economy and the response to climate change.

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It is important for the two nations to adhere to economic globalization and jointly ensure the security and smooth operations of industry and supply chains, Li said.

Li stressed the necessity of seizing the opportunities arising from the Regional Comprehensive Economic Partnership, which he said will not only benefit businesses and people of various nations but also inject fresh impetus into regional prosperity.

China and the ROK have held China-ROK Cultural Exchange Years in 2021 and this year to promote closer people-to-people exchanges.

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A staff member loads medical supplies onto a flight to the Republic of Korea (ROK) at Shenyang Taoxian International Airport in Shenyang, northeast China's Liaoning Province, March 16, 2020. (PHOTO/XINHUA)

Premier Li stressed the necessity of seizing the opportunities arising from the Regional Comprehensive Economic Partnership, which he said will not only benefit businesses and people of various nations but also inject fresh impetus into regional prosperity

The premier called on both sides to use the events to boost mutual understanding and friendship between their peoples, especially the youth from the two nations.

He added that the two sides should continue to give play to mechanisms such as fast lanes for essential travel to facilitate business recovery and trade and economic cooperation.

Li assured the business leaders that China will always stay open to the world and will continue to boost its steps in opening-up. It will endeavor to foster a business environment that is in keeping with market principles in order to continue making itself a top attraction for foreign investment, he said.

Trade between China and the ROK rose from about $5 billion 30 years ago to $362.4 billion last year, with two-way investment topping $100 billion, according to the Foreign Ministry.

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Speaking at a reception marking the 30th anniversary of bilateral ties on Wednesday, State Councilor and Foreign Minister Wang Yi said China and the ROK have been and should continue to be good neighbors, good friends and good partners.