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A joint statement released after a meeting in Tokyo of trade ministers from Japan, China and South Korea stated that they had agreed to accelerate the work of a current joint study on a tripartite free trade agreement (FTA).
Firstly, following the earthquake and tsunami of March 11, the ministers expressed the belief that Japan’s recovery, and the recovery of Asia as a whole, could best be served by securing the maintenance and development of a free and open trade system, and the prompt and smooth flow of goods, in the region.
They welcomed the progress of the joint studies being held on a tripartite FTA between government, business and academic representatives since last year. However, while such an FTA has been in discussion since 2002, and a feasibility study was completed in 2009, the ministers recognized the importance, at the present time, of accelerating the work of the joint study, and will report their emphasis on this to the upcoming tripartite summit meeting.
They also said that the proposed trilateral cross-border investment agreement would also be beneficial in further strengthening the economic partnership among the three countries, and decided to make every effort to reach a substantive agreement in negotiations on that agreement as early as possible.
April 26th, 2011
Source: tax-news.com
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