Posted at Live Trading News on April 30, 2012 11:46 HKT
Participating economists at the “The 2nd non-governmental high-level talks on China-Japan-South Korea free trade area” on 24 April expressed hopes that a free trade area (FTA) comprising China-Japan-South Korea will be established as soon as possible.
Zheng Xinli, Permanent Vice Chairman of the China Center for International Economic Exchanges (CCIEE) pointed out that the time is ripe for discussions concerning the establishing of a China-Japan-South Korea free trade area.
Zheng said that the proposed free trade area would boost regional economic development and improve conditions in all three countries, and he called for inter-governmental talks on the FTA to be included on the agenda for the upcoming coming China-Japan-South Korea summit meeting in May.
The total gross of China, Japan and South Korea account for 20% and 70% in the World and Asia respectively.
Due to the fact that trading volumes have reached US$343.1-B between China and Japan and US$245.6-B between China and South Korea, agreement on a FTA will be important for economic growth in Asia.
The proposal for a China-Japan-South Korea FTA was 1st put forward at the China-Japan-South Korea summit meeting in Y 2002.
The proposal stated that the FTA would potentially be a huge market with a population in excess of 1.5-B. In addition, tariffs and trade restrictions within the FTA would be eliminated, ensuring the smooth and rapid movement of commodities, thereby contributing to economic development in all 3 countries.