Two think tanks from China and the Republic of Korea (ROK) inked an agreement on Monday vowing to enhance research cooperation regarding several economy-related issues, as well as climate change response and social management.

The Academy of Macroeconomic Research in east China's Shandong province has agreed to initiate cooperation with ROK's Seoul Institute in multiple areas, including business and cultural exchanges between Shandong and Seoul, exploitation of the Yellow Sea economic circle, the establishment of a China and ROK free trade area (FTA), marine and low-carbon economics, responses to global climate change and social management, according to the agreement.

The two sides also agreed to hold academic seminars, share research resources and increase exchanges in order to beef up bilateral ties.

"The signing of the agreement indicates that cooperation between Shandong and Soul has entered a new stage and will definitely exert a positive influence on the establishment of a China and ROK free trade area," said Zhang Chaochao, vice governor of Shandong.

Lee Chang-Hyun, president of the Seoul Institute, said the two sides will expand exchanges and cooperation, as they have the capacity to play complementary roles for each other.

The agreement is the latest effort to promote the establishment of a pilot zone for economic cooperation at local levels between China, ROK and Japan in Shandong, a plan that was proposed during a May business summit held in Beijing.

Shandong plans to establish a one-to-one economic partnership with the ROK, as well as between its seven cities and eight cities from the ROK.

This year marks the 20th anniversary of the establishment of diplomatic ties between China and the ROK. China is the ROK's largest trading partner, while the ROK is China's third-largest.

The Shandong Academy of Macroeconomic Research is affiliated with the Shandong Development and Reform Commission, the provincial economic planning body, while the Seoul Institute is an important research institution in the ROK.

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