Source: China Daily
12-12-2006 15:33
BEIJING, Dec. 12 -- China, Japan and South Korea agreed to begin negotiations toward a three-way pact aimed at expanding investment among the three neighbors.
According to China's Ministry of Commerce , officials from the three countries agreed during meetings in the Philippines to launch the talks as soon as possible.
The pact is expected to facilitate trade flows by reducing barriers between the three countries.
The three parties made significant progress in six rounds of talks before formal negotiations, the ministries said.
The talks are aimed at improving the investment environment in the three countries and boosting trilateral capital flows.
According to the Ministry of Commerce, the three sides agreed to strengthen cooperation in logistics, environmental protection and collaboration of small- and medium-sized enterprises, as well as continue a joint study looking at a free trade agreement between them.
Chinese Minister of Commerce Bo Xilai suggested in the meeting that in order to strengthen economic ties among the three countries, they should continue boosting cooperation in a number of areas, including logistics, exhibitions and information exchanges.
Japan and South Korea are both major trade partners of China. Trade volume between China and Japan amounted to 168.5 billion U.S. dollars in the first 10 months of this year, while trade between China and South Korea hit 108.9 billion dollars in the same period.
In other developments in the Philippines, Bo signed supplements to the free trade agreement between China and the Association of Southeast Asian Nations.
The supplements mainly addressed problems left by the framework and cargo trade agreement.
The move is hoped to ensure the smooth implementation of the free trade agreement between the two sides, according to the commerce ministry.
Editor:Lu Yuying