Negotiations on a three-way free trade pact between China, Japan and South Korea have kicked off in Japanese capital Tokyo. The three-day conference is aimed at pushing forward the establishment of a common free trade area.
Preparations for the FTA have been underway for a decade, and a final agreement is expected to be signed in May. Statistics show that the combined GDP of China, Japan, and South Korea has reached $10.2 trillion, accounting for nearly a fifth of the world's total, and over two thirds of total East Asian GDP. And is nearing the European Union's $12 trillion of GDP.
However, trade volume among the three accounts for less than 20 percent of their total foreign trade volume, and investment among them is particularly low. As the three countries are competitive in different areas, analysts said a free trade zone can boost their economy, and the East Asia economy as a whole. (CNTV.cn February 26, 2012) |