BEIJING, Feb. 24 (Xinhua) -- China and the Republic of Korea (ROK) have resolved their hot-rolled coil dispute properly and in accordance with World Trade Organization rules, the Ministry of Commerce said on Tuesday.

This demonstrates their firm commitment to multilateralism, and to maintaining free and fair trade, setting another example of addressing disputes through dialogue and consultation, and injecting positive momentum into the stability of international economic and trade cooperation, the ministry said.

It noted that in the final ruling on an anti-dumping case concerning Chinese hot-rolled steel coils on Monday, the ROK announced an agreement with China on a price commitment scheme.

Industry representatives from both countries welcomed the agreement, stating that replacing anti-dumping duties with a price commitment aligns with the interests of industries of both countries, and that this is expected to enhance the stability and predictability of steel trade between China and the ROK, the ministry said.

It highlighted that economic ties between China and the ROK are close, with deeply intertwined industrial and supply chains, fostering mutually beneficial cooperation.

The "soft landing" in this case reflects mutual respect, understanding and a consideration of each other's concerns, sending a positive signal for the consolidation and deepening of bilateral economic and trade cooperation, it said.