Japan, China, S. Korea conclude joint study on FTA
Mainichi Japan | December 17, 2011
Japan, China, S. Korea conclude joint study on FTA
TOKYO (Kyodo) — Japan, China and South Korea on Friday concluded a joint study on the possibility of signing a trilateral free trade accord, laying the groundwork for launching official negotiations as early as next summer.
The study committee, composed of government officials, business executives and academics, said in a statement they agreed an FTA is "feasible and could bring benefits to all three countries," which now account for about 20 percent of the global economy.
The panel also came up with some guiding principles for future negotiations, calling for Asia’s three biggest economies to pursue "a comprehensive and high-level FTA" but at the same time give "due consideration to the sensitive sectors in each country."
The statement was released after members of the committee met in Pyeongchang, South Korea. Leaders of the three countries agreed in May in Tokyo to aim for the study to be concluded by year-end.
The panel said the outcome of the study will be reported in detail to the next trilateral summit in China, which is expected to be held by next summer, for follow-up actions.
If all goes smoothly, the three countries could enter official negotiations on a trilateral FTA around next summer.
The statement said, "We share the view that strong political will would be needed during the entire process" for an FTA among the three countries.
In a related development, Japan, China and South Korea are now trying to reach a basic deal on a trilateral investment accord, which is essential to facilitate trade, by the end of this month.
