China, Japan and South Korea to Boost Economic and Trade Cooperation

October 29th, 2016

Awake Goy

nsnbc : The Trade Ministers of China, Japan and South Korea, during a meeting in the Japanese capital Tokyo on Saturday, agreed to strengthen trade and economic cooperation between the three countries.

The meeting was held ahead of the trilateral China-Japan-South Korea Summit and focused on discussing a number of points including the implementation of agreements reached at the G-20 Summit as well as practical measures to enhance economic and trade relations between the three East Asian countries.

In the light of the generally slow global economic recovery the ministers discussed how a consensus could be reached to allow the three countries’ industrial, trade and economic sectors to reach their full potential and to stabilize economic growth in Asia said Chinese Commerce Minister Gao Hucheng.

Japanese Minister of Economy, Trade and Industry Hiroshige Seko, for his part, said the three countries reached consensus on jointly advancing economic structural reform. He said he believed the meeting’s outcome will promote regional and global economic growth.

South Korean Trade, Industry and Energy Minister Joo Hyung Hwan, for his part, said the three sides reached consensus on establishing a trilateral cooperation framework as well as speeding up the negotiations on a trilateral free trade deal and the Regional Comprehensive Economic Partnership (RCEP).

The ministers also reiterated a joint statement on the three countries’ commitment to implement the outcome at the G20 Summit in Hangzhou, and emphasized the importance of the G20 Strategy for Global Trade Growth and the G20 Guiding Principles for Global Investment Policymaking.

The Chinese side has proposed to conduct industrial capacity cooperation in a third-party country under the framework of the Belt and Road Initiative and the Eurasia Initiative, to jointly explore a fourth-party market, and collectively promote sub-regional cooperation and development.

The three sides also approved a joint research report on solidifying their supply chain connectivity, and agreed to develop an open world economy, improve the multilateral trade system and promote regional economic integration.

F/AK – nsnbc 20.102016

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