Free Trade Pact Study Ahead of Schedule

China, Japan and South Korea are in first, second and fourth places for Asia’s largest economies. Third place goes to India. Together, China, Japan and South Korea comprise around 20 percent of the global gross domestic product (GDP).



The countries agreed in 2008 to start having meetings every year to enhance mutual trust and cooperation. Japan, China and South Korea are taking turns hosting the three-way meetings each year. This year, the meeting was in Tokyo. The Tokyo summit, as it is being called, was the fourth meeting like this to take place. They agreed to try to complete their joint study of a trilateral free trade agreement by the end of this year, one year earlier than they had originally planned. They hope to start negotiations on the pact as early as next year.



Chinese and South Korean leaders visited Japan to tour areas affected by the recent earthquake and tsunami. They visited the areas around the Fukushima No. 1 nuclear power plant to assess the damage and show their support for the reconstruction of Japan. Japanese Prime Minister Naoto Kan took Chinese Premier Wen Jiabao and South Korean President Lee Myung Bak into Fukushima City, only 60 kilometers from the nuclear plant. They visited the area, including an evacuation center, in an effort to show the world that "Japan is safe and that Japanese food is safe."



After their visit, the three leaders met in Tokyo to discuss the joint study of the trilateral FTA, which has been underway since May of 2010. According to an article on the Journal of Commerce website, the joint declaration says that the three leaders "shared the view that the three countries should strengthen cooperation to further enhance vitality and dynamism of the region and lead the vigorous growth of Asia." It also "reaffirmed the importance of food safety and energy security, and encouraged dialogues and cooperation in these fields."



Along with the declaration, an annex called "Cooperation on Nuclear Safety," stated that Kan, Jiabao, and Bak "shared the view that it is important to take necessary responses prudently on the safety of products based upon scientific evidence in case of a nuclear accident."



Wen pledged to Kan that China will ease up on import restrictions on Japan’s foods by removing Yamagata and Yamanashi from the list of 12 Japanese prefectures. These prefectures’ food products are currently under an ocean freight import ban in response to the nuclear crisis at the Fukushima No.1 plant.



The Free Trade Pact agreement should help the ocean shipping industry in Japan begin to recover from the tragedy that struck them earlier this year.