guimo26
05-30-2010, 07:56 PM
South Korea, China, Japan take step towards free trade bloc ... (http://articlesofinterest-kelley.blogspot.com/2010/05/south-korea-china-japan-take-step.html)
http://www.channelnewsasia.com/imagegallery/store/phpDF1b3o.jpg (http://www.channelnewsasia.com/imagegallery/store/phpDF1b3o.jpg)
29 May 2010
South Korea, China, Japan take step towards free trade bloc
SEOGWIPO, South Korea : South Korea, China and Japan on Saturday called for free-trade talks aimed at eventually creating a single economic bloc to be speeded up, as their leaders met for a three-way summit.
The calls came as South Korean President Lee Myung-Bak hosted the two-day summit, joined by Chinese Premier Wen Jiabao and Japanese Prime Minister Yukio Hatoyama, to discuss regional security and economic issues.
South Korea has for years been in separate free-trade talks with China and Japan, but with little progress.
"A South Korea-Japan FTA (free trade agreement) would contribute to developing the bilateral relations on a mid- and long-term basis," Lee told Hatoyama during their bilateral summit, according to Lee's spokesman.
Lee proposed to Hatoyama that the two countries should "speed up" their preliminary talks - in place since 2004 - before holding official talks on negotiating a free trade pact.
"The signing of an FTA is important for Japan and South Korea to cement their relationship in the next 100 years," Hatoyama said, adding his government would make active efforts towards it.
China's Premier Wen on Saturday also called for talks on a bilateral free-trade agreement with South Korea as both sides wrapped up a three-year joint feasibility study on the project.
"The two countries should start official talks on their free-trade agreement in the future," Wen was quoted as saying by Yonhap news agency at a meeting with South Korean business leaders in Seoul.
South Korea and China on Friday signed a memorandum of understanding, agreeing to hold preliminary talks on sensitive sectors such as agriculture before starting full-fledged negotiations on a free-trade pact.
Last weekend, the trade ministers of South Korea, China and Japan confirmed they would complete a feasibility study within two years on creating a single free trade bloc grouping their three countries.
China has emerged as South Korea's largest trading partner, absorbing some 24 per cent of its total exports in 2009.
South Korea has been actively pushing for free-trade agreements worldwide to bolster its export-dominated economy.
It already has such agreements with Chile, Singapore, India, the European Free Trade Association and the Association of Southeast Asian Nations.
A free-trade pact was signed with the European Union in October 2009 and awaits ratification. A deal signed with the United States in 2007 is also awaiting ratification.
http://www.channelnewsasia.com/imagegallery/store/phpDF1b3o.jpg (http://www.channelnewsasia.com/imagegallery/store/phpDF1b3o.jpg)
29 May 2010
South Korea, China, Japan take step towards free trade bloc
SEOGWIPO, South Korea : South Korea, China and Japan on Saturday called for free-trade talks aimed at eventually creating a single economic bloc to be speeded up, as their leaders met for a three-way summit.
The calls came as South Korean President Lee Myung-Bak hosted the two-day summit, joined by Chinese Premier Wen Jiabao and Japanese Prime Minister Yukio Hatoyama, to discuss regional security and economic issues.
South Korea has for years been in separate free-trade talks with China and Japan, but with little progress.
"A South Korea-Japan FTA (free trade agreement) would contribute to developing the bilateral relations on a mid- and long-term basis," Lee told Hatoyama during their bilateral summit, according to Lee's spokesman.
Lee proposed to Hatoyama that the two countries should "speed up" their preliminary talks - in place since 2004 - before holding official talks on negotiating a free trade pact.
"The signing of an FTA is important for Japan and South Korea to cement their relationship in the next 100 years," Hatoyama said, adding his government would make active efforts towards it.
China's Premier Wen on Saturday also called for talks on a bilateral free-trade agreement with South Korea as both sides wrapped up a three-year joint feasibility study on the project.
"The two countries should start official talks on their free-trade agreement in the future," Wen was quoted as saying by Yonhap news agency at a meeting with South Korean business leaders in Seoul.
South Korea and China on Friday signed a memorandum of understanding, agreeing to hold preliminary talks on sensitive sectors such as agriculture before starting full-fledged negotiations on a free-trade pact.
Last weekend, the trade ministers of South Korea, China and Japan confirmed they would complete a feasibility study within two years on creating a single free trade bloc grouping their three countries.
China has emerged as South Korea's largest trading partner, absorbing some 24 per cent of its total exports in 2009.
South Korea has been actively pushing for free-trade agreements worldwide to bolster its export-dominated economy.
It already has such agreements with Chile, Singapore, India, the European Free Trade Association and the Association of Southeast Asian Nations.
A free-trade pact was signed with the European Union in October 2009 and awaits ratification. A deal signed with the United States in 2007 is also awaiting ratification.