Latest News:  
Beijing   Sunny    25 / 14 ℃  City Forecast

Home>>China Business

FTA will promote economic integration in East Asia

By Zhong Sheng (People's Daily)

16:28, May 14, 2012

Edited and translated by People's Daily Online

China, Japan and South Korea will start the negotiation on their Free Trade Area as soon as possible. It is an important achievement made by the three countries to deepen their economic and trade cooperation.

The feasibility study for the China, Japan and South Korea Free Trade Area has been carried out for a long period. With joint efforts by the three countries, the “Joint Research Report of Government, Production and Study” had been completed by the end of 2011, which believes that the Free Trade Area is feasible, will bring practical benefits to the three countries and promote the economic integration of East Asia, and is good for the economic integration of the Asia-Pacific Region.

The total trade among China, Japan and South Korea accounts for only 20 percent of the total foreign trade of the tree countries, much lower than the 63.2 percent of the globally-developed single market of the European Union. The mutual investments among the three countries are also low. Therefore, it accords with the current economic development trend that China, Japan and South Korea carry out sustainable economic cooperation, realize the common prosperity and promote the negotiation on the Free Trade Area.

China always holds an active and cooperative attitude on the construction of the Free Trade Area. China insists on taking the “10+3” as the main mode for the integration of East Asia and has done a lot of practical work for the economic and trade cooperation of the three countries and for promoting the negotiation on the Free Trade Area. China actively participated in the negotiation on the China, Japan and South Korea Investment Agreement and has signed the draft of the agreement.

The economy of China, Japan and South Korea accounts for 20 percent of the global economy, and the three countries play important roles in the global manufacturing area, research and development area and economic and trade area of the world. Especially, in the current situation that the United States has not fully recovered from the economic crisis and the European debt crisis is still worsening, the Asia-Pacific Region must fully play its role as one of the “three global economic engines.” After the China, Japan and South Korea Free Trade Area is completed, it will certainly add more energy into the “engine.”

【1】 【2】

Email|Print|Comments(Editor:厉振羽、张洪宇)

Leave your comment0 comments

  1. Name

  

Selections for you


  1. Glimpse of World Expo in Yeosu, South Korea

  2. Chinese Acrobats, Canadian Symphony present joint show

  3. People appealed to donate stem cell on Mother's Day

  4. Development, urbanization threaten wetland

Most Popular

Opinions

  1. US, China must co-op to defuse confidence crisis
  2. Regulations holding back financial sector’s progress
  3. City banks' IPO push puts investors at risk
  4. Ways to develop low-carbon economy in China
  5. RRR cut still in country’s best economic interest
  6. Relax high-tech restrictions
  7. Overseas investment yields not nation's priority
  8. A neutral US helpful to stability in S China Sea
  9. Tourism authority warns of low-cost package tours
  10. Have you felt anxious recently?

What's happening in China

Capsule safety scandal to put prices up

  1. Nurse injured in knife attack in hospital
  2. Wasted chances: Food scraps not recycled
  3. Teacher loses both legs while shielding students
  4. Riding club's horse collides with car
  5. Unhappy tourists write open letter

PD Online Data

  1. Spring Festival
  2. Chinese ethnic odyssey
  3. Yangge in Shaanxi
  4. Gaoqiao in Northern China
  5. The drum dance in Ansai