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China, Japan and S. Korea must eye the best despite disputes (2)

(People's Daily Online)

15:09, October 17, 2012

In the free trade area composed of the three countries’ markets with a population of more than 1.5 billion, tariff and other trade restrictions will be cancelled, while goods and other materials will flow more smoothly. After reducing their production costs, China, Japan and South Korea will be bound to increase their overall economic welfare.

China, Japan and South Korea, as three major powers in East Asia, record total GDP of nearly 20 trillion U.S. dollars, accounting for 24 percent of global GDP and 90 percent in East Asia. Though their GDP has surpassed that of the E.U., the trade volume among the three countries takes up only less than 20 percent of their total foreign trade.

As China, Japan and South Korea are lying in different stages of economic development, the cooperation for China with South Korea and Japan suggest the complementary but competitive relationship among them. After all, Asia belongs to Asians, while East Asia also belongs to people in East Asia.

Read the Chinese version: 中日韩,还得过好日子; Source: Global Times; Author: He Maochun

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