On January 9, 2006, Chairman Wu Bangguo of the Standing Committee of the National

People's Congress (NPC) of China held talks with Speaker of the National Assembly of the Republic of Korea (ROK) Kim Won-ki in the Great Hall of the People. Both sides exchanged in-depth views on bilateral relations, as well as international and regional issues of common interest and reached important consensus. The regular exchange mechanism between the NPC of China and the ROK National Assembly was also launched officially on the same day.

In the talks, Wu made highly positive comments on bilateral relations. He said that in recent years both sides have witnessed frequent high-level exchanges with mutual political trust steadily deepened and maintained close communication and cooperation on international and regional issues. Bilateral economic and trade relations have been developing rapidly with investment and industrial cooperation continuously expanded. Both sides fulfilled the target of over 100 billion US dollars for bilateral trade volume 3 years ahead of schedule, which has brought tangible benefits to both countries and their people. Bilateral friendly cooperation in the areas of culture, science & technology, education and judicature has witnessed in-depth development and regional exchanges also remain dynamic.

He said that both countries are close neighbors to each other, as well as nations of great significance in this region. To develop bilateral relations conforms to the fundamental interest of both peoples and is also conducive to regional and world peace and development. China attaches great importance to relations with the ROK and will work with the ROK based on the foreign policy of "treating its neighbors well and as partners" to implement the consensus reached between their heads of state and try to push bilateral comprehensive cooperative partnership for continuous development.

Wu said that the friendly exchanges between the NPC of China and the ROK National Assembly are an important part of bilateral relations. The high-level exchanges have been kept closer with the cooperation between groups of friendship, special committees and working bodies steadily developed and the exchanges in legislation, supervision and other areas continuously deepened, which has injected vitality into bilateral relations.

He noted that the cooperation agreement to be signed by both sides will help to establish a regular exchange and cooperation mechanism and marks that bilateral relations have reached a new level. It is of great significance to the development of bilateral comprehensive cooperative partnership.

Kim agreed with Wu's comments on bilateral relations. He said that it is the first time in its history for the ROK National Assembly to sign the cooperation agreement with the NPC of China and it fully shows that the ROK National Assembly attaches great importance to developing bilateral relations. It is believed that the establishment and improvement of the regular exchange mechanism will surely make greater contributions to promoting the development of bilateral relations.

After the conclusion of the talks, Wu and Kim jointly signed the agreement on cooperation between the NPC of China and the ROK National Assembly. It is reported that according to this exchange mechanism bilateral meetings will be held once a year in the two countries by turns.

Vice Chairwoman of the Standing Committee of the National People's Congress (NPC) of China Uyunqimg and other officials attended the talks and the signing ceremony.