China and the Republic of Korea should deepen pragmatic cooperation in fields including economy, trade, investment and new energy with a long-term view, Premier Li Keqiang said when meeting ROK President Park Geun-hye on Friday.

China has a huge market potential, Li said, and its economic development and transformation will provide a larger space for bilateral cooperation, which is not only beneficial for the two countries but for regional development in East Asia.

During a business forum held in Beijing on Friday, Park said that a free trade agreement with China will create a fundamental framework to expand economic cooperation, as she urged improvements in bilateral economic ties.