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RCEP

China, Japan and the Republic of Korea senior economic and trade officials said in Beijing on Sunday that China, Japan and the Republic of Korea will actively promote the signing of the Regional Comprehensive Economic Partnership Agreement in 2020 and accelerate the pace of negotiations on the China-Japan-Korea Free Trade Agreement. Their twelfth meeting of Ministers of Economy and Trade.

Officials also advocate an open and inclusive world economy and have stated that they will work together to oppose protectionism and unilateralism, safeguard the multilateral trading system of the World Trade Organization, and continue to strengthen cooperation under a multilateral framework such as APEC and G20

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A consensus was reached ahead of the eighth China-Japan-South Korea summit in Chengdu, Sichuan province, on Tuesday. According to the Ministry of Commerce, it will focus on building a vision for future cooperation and expanding common interests.

Minister of Commerce Zhong Shan in his speech on Sunday called on other partners to make full use of complementary industries, improve the level of trade and investment cooperation, and play an active role in deepening regional economic integration and achieving sustainable development.

He said the three countries must in the next phase strengthen cooperation in areas such as creating solutions for aging societies, energy conversion and the development of digital technologies.

In response, Song Yun, Minister of Trade, Industry and Energy of South Korea, said that these measures will help advance negotiations on a trilateral free trade agreement and achieve a major breakthrough.

RCEP

In addition to supporting the signing of the RCEP next year, Sung also suggested that the three countries significantly expand cooperation in areas that have achieved breakthroughs in the development of the fourth-party market and the fourth industrial revolution to foster new industries and growth points.

Against the backdrop of the downward pressure on the global economy and the rise of protectionism, the Minister of Economy, Trade and Industry Kayama Hiroyuki of Japan emphasized that it is important to reach a comprehensive, high-level and mutually beneficial free trade agreement for the three economies, supporting the WTO ’s Reforms to protect fair trade and globalization.

Last year, the three countries traded more than $ 720 billion as they invested $ 11 billion in each other’s markets. According to data from the Ministry of Commerce, individuals travelled more than 31 million times across borders.

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At the same time, Japan and South Korea remain China’s second and third largest trading partners, and China is the largest source of inbound tourists for these two countries.

Huo Jianguo, a researcher at the China Center for International Economic Exchange in Beijing, said that because China, Japan and South Korea are the three major manufacturing powers and foreign direct investment countries in Asia, the trilateral free trade agreement should increase the level of liberalization of trade in goods, services and investment, and must Comprehensive, high-level and beneficial to all three aspects.

“This will also tap the potential of trilateral economic and trade cooperation, deepen the integration of the industrial chain, and provide new impetus to the global economy,” he said.

 

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RCEP-APEC-ASEAN-TPP

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