Press TV | Thu Jan 17, 2013
Asian business leaders push trilateral free trade
Joseph Kim, Press TV, Seoul
China, Japan and South Korea are hoping to revive their economies in the current economic slump through a Free Trade Agreement between themselves. But this trilateral F-T-A is expected to cause regional conflict as it’ll counter the US-led Trans-Pacific Partnership.
Over 200 business leaders from China, Japan and South Korea gathered in Seoul to further promote and commemorate the launch of the trilateral free trade negotiations. Among the guests included the trade minister of South Korea who stressed the global importance of the three-way free trade agreement.
Hosted by Seoul-based Trilateral Cooperation Secretariat, the group pushed a “win-win-win” agenda among the three countries.
If the trade pact between the three countries is signed, it would account for roughly 20 percent of the world’s GDP and 22 percent of the global population. The South Korean government also predicts it will reap a 16.3 billion dollar economic benefit over the next ten years.
Analysts agree that the FTA would especially profit South Korea.
Recent government findings showed that the average life-span for start-up companies in South Korea is two years. And despite having an economy heavily based on large conglomerates, the analyst emphasized that all companies would see benefits because “globalization” creates opportunity.
Other experts disagree.
In addition, the success of the trilateral trade agreement is in question as territorial disputes between Japan and the two other countries strain diplomatic relations.
Negotiations for the three-way free trade negotiations are expected to begin in the coming months.
When will it come into effect ant its impact remains to be known?