Progress in free trade agreement between China, Japan, Korea

SIEM REAP, 30 August 2012 (Cambodia Herald) - Trade ministers from China, Japan and South Korea have welcome progress towards a free-trade agreement between the three countries.

At a meeting with ASEAN trade ministers Wednesday, the ministers "exchanged views on the global economic situation and recent economic development in ASEAN and in the Northeast Asian countries," a statement said.

They also noted that ASEAN trade with China, Japan and South Korea remains "robust even in the context of the uncertainties of the global economy."

Trade with ASEAN rose 26.2 percent from a year earlier to $678.2 billion with exports up 34.9 percent and imports up 18.0 percent. ASEAN's trade with the three countries amounted to 28.4 percent of all trade, the statement said.

Foreign direct investment from the three countries rose 29.5 percent to $41.2 billion in 2011, accounting for 46.2 percent of total investment flows.

"The ministers welcomed the progress in the preparation work for an FTA among China, Japan, and Korea ... and the Regional Comprehensive Economic Partnership (RCEP), both of which are aimed at launching the negotiations within this year," the statement said.

"The ministers shared the view that these initiatives would significantly contribute to deepening economic integration in the region."