SOUTH KOREA-JAPAN/CHINA-TRADE Trade representatives from China, Japan and South Korea meet in Seoul

Record ID: 131916

  • Title: SOUTH KOREA-JAPAN/CHINA-TRADE Trade representatives from China, Japan and South Korea meet in Seoul
  • Date: 30th October 2015
  • Summary: SEOUL, SOUTH KOREA (OCTOBER 30, 2015) (REUTERS) ***WARNING CONTAINS FLASH PHOTOGRAPHY*** JAPAN'S MINISTER FOR ECONOMY, TRADE AND INDUSTRY, MOTOO HAYASHI (LEFT), SOUTH KOREAN MINISTER OF TRADE, INDUSTRY AND ENERGY, YOON SANG-JICK (CENTRE), AND CHINA'S INTERNATIONAL TRADE REPRESENTATIVE, ZHONG SHAN (RIGHT), WALKING TOWARDS PHOTO ZONE HAYASHI, YOON AND ZHONG POSING FOR PHOTO
  • Embargoed: 14th November 2015 12:00
  • Keywords:
  • Topics: General
  • Reuters ID: LVAEPFJSVHCL2GROWKBD4XH7J34Y
  • Aspect Ratio: 16:9
  • Story Text: Trade representatives of South Korea, Japan and China held a meeting in Seoul on Friday (October 30) to discuss ways to boost economic ties among the three countries.
    China's International Trade Representative Zhong Shan, Japan's Minister for Economy, Trade and Industry, Motoo Hayashi, and South Korean Minister of Trade, Industry and Energy, Yoon Sang-jick, attended the meeting.
    The three-way meeting has not been held since May 2012, South Korea's Ministry of Trade, Industry and Energy said.
    China's Zhong emphasised role of the three countries in global economic recovery.
    "Today's world economy has been deeply reformed after the crisis. As the economic centre of Asia, the role of Korea, China and Japan is crucial for global economic recovery," he said.
    Japan called for closer economic cooperation and free trade in the region.
    "To help global economic growth, the three countries should cooperate more closely in trade, investment and economic areas. We must also raise the potency of Northeast Asia and the Pacific region. The most important thing is to create trade and investment liberalisation in this region," Hayashi told his counterparts.
    During the meeting, the officials are expected to discuss ways to accelerate negotiations for the China-Japan-South Korea Free Trade Agreement (FTA) and the Regional Comprehensive Economic Partnership (RCEP), according to South Korea's trade ministry.
    "I expect that FTA (Free Trade Agreement) and RCEP (Regional Comprehensive Economic Partnership) between Korea, China and Japan will be signed as reciprocal agreements. Furthermore, the three countries should show strong leadership in forming an East Asian Community," said South Korean Minister of Trade, Industry and Energy, Yoon.
    Negotiations for the three-nation free trade agreement officially begun on March, 2013, according to Korea Customs Service.
    Beijing is a key driver of the Regional Comprehensive Economic Partnership (RCEP), a proposed 16-nation free-trade area that would be the world's biggest such bloc, encompassing 3.4 billion people.
    Many see the Asia-wide RECP as China's approach to counter the U.S.-backed Trans-Pacific Partnership (TPP) trade pact struck in early October.
    Japan is in both TPP and RECP, President Park has said her country would cooperate closely on possible South Korean participation in TPP.
    The results of Friday's meeting will be submitted to a trilateral summit in Seoul on Sunday (November 1), attended by South Korean President Park Geun-hye, Chinese Premier Li Keqiang and Japanese Prime Minister Shinzo Abe, the first of its kind in more than three years.
    The trilateral summit, held annually since 2008, was discontinued after the 2012 meeting over diplomatic tensions stemming from Japan's wartime history.
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