Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Japan, China, S. Korea to start FTA talks  Join our daily free Newsletter

MENAFN - Kuwait News Agency (KUNA) - 21/11/2012

No. of Ratings : 0
Add to Mixx!


 


(MENAFN - Kuwait News Agency (KUNA)) Trade ministers from Japan, China and South Korea formally declared on Tuesday that negotiations will start early next year for a trilateral free trade agreement (FTA), Japan's Kyodo News Agency reported from Phnom Penh.

The announcement paves the way for the creation of a major trade bloc among the three Asian neighbors, which together account for about 20 percent of global gross domestic product. "The first meeting will be held early next year, " Japanese Economy, Trade and Industry Minister Yukio Edano, who represented Japan at the talks in the Cambodian capital, was quoted as telling reporters afterward.

The accord was reached in a meeting between Edano, Chinese Commerce Minister Chen Deming and South Korean Trade Minister Bark Tae-ho held on the margins of the East Asia Summit in Phnom Penh.

"There are various issues between Japan and China, Japan and South Korea, but they remain our valuable neighbors," Edano said, welcoming the fact that they were able to "make progress" on certain matters, referring to the latest FTA deal. Leaders of the three countries agreed in May during talks in Beijing to formally start talks by the end of the year on signing a three-way FTA.

Tariff elimination is expected to boost Japanese exports to China and South Korea, especially in the manufacturing sector, and to help shore up Japanese companies suffering from the strong yen.

However, Japan may ask for some items to be exempted from tariff elimination, assuming that exports of cheap Chinese rice to Japan are likely to increase if farm liberalization advances, sources close to the matter said.

Parallel to the trilateral FTA, leaders from the 10-member Association of Southeast Asian Nations and its six regional partners including Japan, China and South Korea are expected to announce the launch of negotiations for a region-wide FTA.

 






  MENA News Headlines


 
Live Currency Rates






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help