INSIDE GLOBAL ISSUES
Policy Brief No. 201540
China, Japan, ROK shoulder heavy responsibilities in FTA
Ni Yueju
The resumption of the trilateral summit of the Chinese, Japanese and South Korean leaders should be seen against a background of a complicated and sensitive international situation and a sluggish global economy.
It highlights the sincere efforts of the leaders of the three countries to strengthen regional cooperation, maintain regional peace and stability, and drive economic development in Asia and even in the wider world. It also offers hope to the negotiations of the trilateral Free Trade Agreement (FTA) now making slow progress.
Trilateral cooperation is a trend of the times
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In a joint declaration for peace and cooperation in Northeast Asia issued on Nov. 1 after the summit in Seoul, the three nations stressed strengthening economic cooperation and accelerating FTA negotiations so as to finally conclude the comprehensive, high-level and mutual beneficial agreement.
The road to success never smooth
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In addition, China imposes relatively high tariffs on Japanese cars, and the exemption of tariffs will undoubtedly expand the Japanese share in the Chinese market and thus pose a considerable challenge on China's auto industry.
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