Japan, China, S. Korea Vow to Fight Protectionism

Tokyo, Oct. 29 (Jiji Press)--Trade ministers from Japan, China and South Korea agreed Saturday that the three countries will work together to fight protectionism to promote free trade. The three countries reaffirm that they will resist any protectionist moves, the ministers said in a joint statement adopted at their meeting held in Tokyo. The statement underlined the need for the three countries to strengthen and develop cooperation in order to overcome protectionism. The agreement reflected increasing concerns that the global economy will be threatened by growing moves to protect domestic industry and employment. "The three countries shared the recognition that they should promote free trade and structural reforms" amid growing protectionist moves, Japanese Minister of Economy, Trade and Industry Hiroshige Seko told reporters after the meeting. This was the first meeting among trade ministers from the three Asian countries since the one held in October last year. The latest meeting was also attended by Chinese Commerce Minister Gao Hucheng and South Korean Minister of Trade, Industry and Energy Joo Hyung-hwan. The meeting was intended to lay the groundwork for a summit of the three countries' leaders expected to take place later this year. For the first time in a statement from the three-way trade talks, the ministers referred to excessive steel production that led to a global glut of the metal. According to the statement, China, which has been asked to reduce its steel output, agreed to establish a new international framework at an early date to make major steel producing nations discuss the matter. The statement also said that the three countries will make further efforts for accelerating talks on a free trade agreement among them and the proposed Regional Comprehensive Economic Partnership, or RCEP, a free trade pact among the 10 members of the Association of Southeast Asian Nations and six countries including Japan, China and South Korea. Speaking at a press conference, Seko said he proposed that Japan, China and South Korea form a joint public-private council to discuss trade rules on a wide range of areas including electronic commerce and customs procedures. Gao and Joo said that the meeting was productive. END