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FTA to promote world trade development

(People's Daily Online)

16:07, November 30, 2012

Nowadays, the economic globalization and regional economic cooperation have become two major trends of the development of world economy and taking advantage of preferential economic and trade policies to seek a larger economic growth has become an important choice of the world's most countries.

The implementation of the free trade area (FTA) is a significant strategic deployment in China's policy of opening to the outside world. Under the situation of uncertain European debt crisis and weak resurgence of the world economy, it is urgent and necessary for China to further strengthen economic ties with Japan and South Korea.

The ministers of economic and trade departments of China, Japan and South Korea have recently announced the formal launch of trilateral FTA talks. The establishment of the trilateral FTA plays an important role in achieving complementary advantages and self-improvement, exploiting new opportunities for development, pushing forward the economic integration in East Asian region, jointly resisting the risks brought by the economic globalization and increasing Asian countries' status in the international trade and economic affairs.

China, Japan and South Korea are close neighbors and have the strongest economic strength in East Asia. Their total economic aggregate accounted for about 70 percent of Asian economy.

In 2011, the total volume of foreign trade of the three countries accounted for about 20 percent of the global trade volume, the trilateral trade volume reached less than 20 percent and the trilateral investment volume accounted for 6 percent of their gross outward aggregate investments.

The author is former vice minister of the Ministry of Commerce, vice chairman and secretary general of the China Center for International Exchange

Read the Chinese version: 自贸区促进世界贸易发展(声音)

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