By Kim Tae Won and Hahm Hee-eun
Photos = Kim Sunjoo

Korea, Japan and China have stressed the importance of free trade in their ongoing free trade agreement (FTA) negotiations.

The three countries expressed their concern about the growing trend of protectionism in the global economy, and emphasized the importance of an FTA among Korea, Japan and China, during the 13th Round of China, Japan, Korea Negotiations for a Free Trade Agreement (CJK FTA), at the Lotte Hotel in Jung-gu, Seoul, on March 23.

The meeting was attended by the three chief delegates: Kim Young-sam, deputy minister for trade & investment at the Ministry of Trade, Industry and Energy from Korea, Wang Shouwen, vice minister of commerce for mainland China, and Kazuyuki Yamazaki, deputy minister for foreign affairs for Japan. They examined progress on key issues, such as product negotiation guidelines, service liberalization methods, and investment reservation negotiations. They also discussed the road map for accelerating negotiations, and exchanged information about policies and institutions in the fields of services, finance and telecommunications.

Deputy Minister for Trade & Investment Kim said, "The recent rising tide of protectionism has createda lot of challenges for export-oriented economies like Korea, China and Japan," and emphasized that, “The CJK FTA will create a mega-regional economic bloc, and offer much potential as an institutional framework.”

Chinese Vice Minister of Commerce Wang said, “This meeting we’re having today is not only important for the CJK FTA, but also sends a very important message to the world, especially at a time when the sentiments and sanctions of protectionism are spreading and posing an eminent threat to the world economy.” He added that, “China, Japan and Korea, the three major economies in Northeast Asia, are all determined to take concrete steps and push forward our free trade agendas, and do our best to promote regional economic integration and globalization."

Deputy Minister for Foreign Affairs Yamazaki said, “Our three countries should manifest our new commitment to free trade,“ and added that, “Japan looks forward to an expanded network and to open and transparent trade through the CJK FTA.”