China, Japan and South Korea have opened official negotiations in view of a free trade treaty that will bring together three economies that represent 20% of world GDP. All three countries are now governed by a new leadership and this has fueled hopes that China, Japan and Korea will move beyond the phase of territorial disputes to begin a period of greater cooperation.
The idea of an FTA (Free Trade Agreement) has been on the table for decades, but now Beijing is particularly pushing in this direction as a countermove to the renewed US interest in the Asian continent. The United States are in fact negotiating a Trans-Pacific Partnership (TPP) which according to some would represent a move aimed at reaffirming the US role in Asia. The Tpp involves Australia, Brunei, Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam. If China is a cumbersome absentee from the TPP, Japan has shown interest in the initiative.
The initial round for the agreement between China, Japan and Korea will be held in Seoul, while the second one will move to China. The negotiations will end in Japan. The trade volume of the three countries amounted to $5320 trillion in 2010.
Attachments: China Post
