» 05/14/2012 10:08 CHINA-JAPAN-S.KOREA Beijing, Seoul and Tokyo hold talks over free trade zone The new zone would unite a market of 1.5 billion people, with a GDP growth of 3%. In 2011 trade between the three countries amounted to 690 billion U.S. dollars, 130 billion in 1999. Analysts expect frictions with the United States over the proposed Trans-Pacific Partnership. Agreement on the reduction of tension in the region and the Korean peninsula.
Beijing (AsiaNews / Agencies) - The leaders of China, South Korea
have agreed to begin negotiating a free trade zone among the three countries. The
summit taking place yesterday and today, should, in the words of Chinese
Premier Wen Jiabao, "unleash the economic vitality of the region and give
a strong impetus to economic integration of Eastern Asia."
his Japanese counterpart Yoshihiko Noda, and Korean President Lee Myung Bak have
also signed a trilateral agreement for mutual investments, as a first step
towards economic integration, which should - in the words of Noda - make "the
Asia-Pacific a center
of world growth. "
leaders emphasized that the idea of a free trade zone is urgent because of
the economic crisis in the European Union and the United States, global protectionist
policies, and the "unstable elements" that will last a long time.
area would create a market of over 1.5 billion people. According
to Xinhua, it would boost China's GDP by
3% , Korean by 3.1, and Japanese by 0.5.
Korean Ministry of Commerce estimates that the proposal will create at least
300 thousand new jobs in Korea.
annual volume of trade between the three countries has already reached 690
billion U.S. dollars in 2011 and in 1999 it was only 130 billion.
But there are
several difficulties to overcome. First
widespread distrust and enmity between the three countries, since the invasion
of China and Korea by Japan,
the Korean War, in which Beijing
supported the North and the current strong economic competition.
to analysts, the three countries have many industries that compete in the same
field, such as automotive and agriculture industries, and these may be
difficult to integrate. In addition, the proposal
could also face a similar one made by the United
States, which is pushing for a Trans-Pacific Partnership,
towards which Japan has shown
interest, unlike China and South Korea.
has already signed free trade agreements with 10 economies, including New Zealand and Singapore
and is negotiating agreements with Iceland,
Norway and Colombia.
three leaders also agreed not to increase tension in the region and
particularly on the Korean peninsula.
Myung Bak said that the three nations will not accept "any further nuclear
tests or new provocations."