Wuxi New District and South Korea's ChungBuk Free Economic Zone (CBFEZ) signed a cooperation agreement on May 8 to promote bilateral trade and cooperation, the Wuxi Daily reported.

The signing of the agreement will pave the way for Wuxi applying for the creation of a national China-South Korea technology and trade demonstration zone in the city. The zone would implement a series of favorable policies for the transformation and upgrading of bilateral cooperation in such fields as research & development, financing and commodity inspection and quarantine.

Wang Jinjian, the vice-mayor of Wuxi, also attended the signing ceremony.

CBFEZ, located in Chungcheongbuk-do, serves the cities of Chungju and Cheongju in central part of South Korea. As one of the country's eight free economic zones to attract foreign investment, CBFEZ boasts convenient transportation, R&D infrastructure and large bio and IT clusters.

Edited by Mevlut Katik