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Asian Giants Agree On Bolstering Inter-Asia Trade
(MENAFN- Kuwait News Agency (KUNA))
BEIJING, March 30 (KUNA) -- Asia's giants China, Japan and South Korea agreed on Sunday on bolstering the inter-Asian investment and trade cooperation to face mounting trends of protectionism.
The Chinese news agency, Xinhua, said the accord among the regional powers came during the 13th edition of the three countries ministers of industry and commerce, co-headed by Chinese Minister of Commerce Wang Wenao Taw, his Japanese counterpart Yuji Muto and the South Korean Minister of Trade,
Ahn Duk-geun, held in in Seoul.
The Chinese minister affirmed in a statement that the global economy is slowing down due to rising protectionism, urging Seoul and Tokyo to safeguard the global plural commercial system and seek to strengthen the regional economic integration as a prelude to give a push to the global economy.
He affirmed that Beijing remained committed to expanding the regional cooperation and partaking in enterprises in Japan, South Korea and other nations.
The three powers, moreover, agreed on enhancing the cooperation within the framework of the International Trade Organization, the Regional Comprehensive Economic Partnership (ECEP) and speed up the discussions on the free trade deals among the three.
They also agreed on intensifying cooperation regarding the supply chains, dialogue on overseeing the import and the green digital economy to create an adequate environment for inter-corporate cooperation.
Signed in November 2020, the RCEP is the first free trade agreement among the largest economies in Asia, including China, Indonesia, Japan, and South Korea.
There has been a mounting trends of economic protectionism -- particularly by the US that has recently slapped high tariffs on products imported from allied and non-allied nations.
The protectionism trend counters the free global free trade and globalization that had been, over the past years, strongly advocated by the world's major economic powers. (end)
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The Chinese news agency, Xinhua, said the accord among the regional powers came during the 13th edition of the three countries ministers of industry and commerce, co-headed by Chinese Minister of Commerce Wang Wenao Taw, his Japanese counterpart Yuji Muto and the South Korean Minister of Trade,
Ahn Duk-geun, held in in Seoul.
The Chinese minister affirmed in a statement that the global economy is slowing down due to rising protectionism, urging Seoul and Tokyo to safeguard the global plural commercial system and seek to strengthen the regional economic integration as a prelude to give a push to the global economy.
He affirmed that Beijing remained committed to expanding the regional cooperation and partaking in enterprises in Japan, South Korea and other nations.
The three powers, moreover, agreed on enhancing the cooperation within the framework of the International Trade Organization, the Regional Comprehensive Economic Partnership (ECEP) and speed up the discussions on the free trade deals among the three.
They also agreed on intensifying cooperation regarding the supply chains, dialogue on overseeing the import and the green digital economy to create an adequate environment for inter-corporate cooperation.
Signed in November 2020, the RCEP is the first free trade agreement among the largest economies in Asia, including China, Indonesia, Japan, and South Korea.
There has been a mounting trends of economic protectionism -- particularly by the US that has recently slapped high tariffs on products imported from allied and non-allied nations.
The protectionism trend counters the free global free trade and globalization that had been, over the past years, strongly advocated by the world's major economic powers. (end)
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