Special envoy Lee Hae-chan passes on a letter from South Korean President Moon Jae-in to China President Xi Jinping in Beijing, May 19, 2017.

Seoul and Beijing have agreed to work swiftly to get their relations back on track following a year-long standoff over the deployment of a U.S. anti-missile system in South Korea which hurt trade and South Korean business interests in China.

The installation of the U.S. Terminal High Altitude Area Defense (THAAD) system in South Korea had angered China, which believed its powerful radar could be used to look inside its territory. South Korea and the United States have repeatedly said THAAD only serves to defend against the growing missile threat from North Korea.

"Both sides shared the view that the strengthening of exchange and cooperation between Korea and China serves their common interests and agreed to expeditiously bring exchange and cooperation in all areas back on a normal development track," South Korea's foreign ministry said in a statement on Tuesday.

South Korea's President Moon Jae-in will hold a summit meeting with China's President Xi Jinping on the sidelines of an upcoming summit of Asia-Pacific Economic Cooperation (APEC) countries in Vietnam on Nov. 10-11, a Blue House official said in a separate briefing on Tuesday.

In a coordinated statement, China's foreign ministry said the two countries have agreed to get their relations back onto a normal track "at an early date".

South Korea recognizes China's concerns on the THAAD issue and made it clear that the deployment was not aimed at any third country and did not harm China's strategic security interests, China's foreign ministry said.