Park Jin-hai primarily focuses on K-dramas, entertainment shows and actor interviews. Beyond that, she also pens articles covering the broader arts scene, with a particular emphasis on classical music, dance and various aspects of lifestyle. Since joining The Korea Times in 2013, she has made significant contributions in the realms of hallyu (Korean wave), industry news and international affairs.
Korea, China, Japan to boost 3-way trade
Korea’s Trade, Industry and Energy Minister Yoon Sang-jick, center, poses with Japanese Trade Minister Hayashi Motoo, left, and China International Trade Representative Zhong Shan during the 10th Trilateral Economic & Trade Ministers’ Meeting at the Four Seasons Hotel in central Seoul, Friday.
By Park Jin-hai
By Park Jin-hai
The trade ministers of Korea, China and Japan gathered in Seoul, Friday, for the first time in three-and-half years to rekindle their moribund three-way talks.
At the 10th Trilateral Economic & Trade Ministers’ Meeting, Trade Minister Yoon Sang-jick, his Japanese counterpart Hayashi Motoo, and Secretariat of China International Trade Representative Zhong Shan discussed economic cooperation and trade issues, including a trilateral Free Trade Agreement and the Framework for a Regional Comprehensive Economic Partnership (RCEP).
The RCEP involves the three countries, plus Australia, New Zealand and India and the 10 member countries of the Association of Southeast Asian Nations.
Pointing to the lack of inter-trade among the three countries, which stands at 22 percent, Yoon called for strong leadership to make it a working joint economic bloc.
In comparison, inter-trade in the European Union is 67 percent and that of North America Free Trade Agreement countries (Canada, Mexico and the U.S.) 40 percent.
“In order to tide over the economic difficulties we commonly have, the ROK-China-Japan Free Trade Agreement should be concluded reciprocally,” Yoon said during the opening speech of the meeting at the Four Seasons Hotel in central Seoul.
Also on the agenda were measures to enforce economic cooperation through the creative economy, e-commerce, small and mid-size companies, Olympics-related economic cooperation and the connection of supply channels in the region.
Zhong said three-way cooperation has been strengthened since the global economic slowdown. “The three nations are exerting great efforts to push ahead multilateral trade frameworks such as G20, APEC and RCEP,” he said.
He said that since the Korea, China, Japan Trilateral Investment Agreement in 2012, the FTA talks have been on a smooth path, boosting investment between the three.
Motoo said: “Through the Trans-Pacific Partnership, Japan has formed a pan-Asian trade bloc. I hope all three of us can work together to make the RCEP a success.”
The meeting preceded a ROK, China and Japan summit, scheduled for Sunday in Seoul, which will also be the first trilateral summit in three-and-a-half years. President Park Geun-hye, Japanese Prime Minister Shinzo Abe and Chinese Premier Li Keqiang are to meet in an effort to resume trilateral cooperation.
The top-level meetings have been suspended since May 2012, when the three nations had disputes over territory issues and wartime history.
Korea and Japan held a bilateral trade ministers’ meeting in the afternoon.