Seoul to Expand Economic Ties with Washington, Beijing in 2017 - Official

South Korea is seeking extended economic ties with both China and the United States, a ministry official said.

MOSCOW (Sputnik) — South Korea’s Ministry of Strategy and Finance has announced their economic plan for 2017 Thursday, which outlines South Korea’s intent to seek extended economic ties with both China and the United States, the two largest growing economies in the world, a ministry official said.

"This year, we face the so-called G-2 risks — the United States and China, the two world superpowers. This year's plans are aimed at managing external risks from the United States and China and expanding economic cooperation," Ministry of Strategy and Finance official Jin Seoung-ho was quoted as saying by the Yonhap news agency.

Seoul plans to increase its imports of US shale gas, and possibly other products, including aircraft and components, the official added.

Seoul's relationship with Beijing became strained toward the end of 2016 after the United States deployed a Terminal High Altitude Area Defense (THAAD) system in South Korea. The deployment of the anti-missile system, which aims to counter potential threats from North Korea, was criticized by China.

The United States remains part of the US-Korea Free Trade Agreement, which went into force in 2012. However, during his presidential campaign, US President Donald Trump labeled the US-Korea Free Trade Agreement as a "job killing trade deal" and vowed that the nation will no longer participate in trade deals that would not put "America first."

True to his campaign promise, Trump signed an executive order on Monday, withdrawing the United States from the Trans-Pacific Partnership (TPP).

Never miss a story again — sign up to our Telegram channel and we'll keep you up to speed!