ID :
79379
Thu, 09/10/2009 - 18:24
Auther :
Shortlink :
https://www.oananews.org//node/79379
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S. Korea, Japan, China must increase regional trade: report
By Koh Byung-joon
SEOUL, Sept. 10 (Yonhap) -- South Korea said Thursday that it is required to work
with Japan and China to expand cross-border trade in the region to shield the
countries from an external economic shock.
It also highlighted the need for the three East Asian neighbors to ramp up
cooperation in carrying out macroeconomic measures in the face of a global
downturn as downside risks still remain a drag on a recovery.
"In the wake of the financial crisis, we realized the need to expand the domestic
market by increasing demand in the (Asian) region in order to strengthen economic
fundamentals," the Ministry of Strategy and Finance said in a report.
"Efforts are also required to ease diverse trade barriers that hamper trade flows
among the three countries and to foster cross-the-border investment," it added.
Despite the slight increase in trade among the countries, even after the
financial crisis that started last September, the volume still remains far lower
than other major economic blocks such as the European Union, the report noted.
Trade among EU member countries accounted for 68 percent of total trade as of
2007. The corresponding figure for South Korea, Japan and China was around 22
percent in 2007, according to the report.
An increase in regional trade is closely interconnected with an economic
recovery, the report said, calling for the three Asian countries to increase
economic policy collaboration amid still-lingering downside risks.
"The economy is showing signs of a recovery but the private sector including
investment remains sluggish with a possible oil price hike feared to hamper the
rebound. Until the private sector shows a full-swing rebound, it is required to
stick to an expansionary economic policy stance," the report said.
"An economic recovery is vital to an increase in regional trade and to that end,
the three countries need to increase collaboration in carrying out macroeconomic
measures until the private sector can recover on its own," it added.
kokobj@yna.co.kr
(END)
SEOUL, Sept. 10 (Yonhap) -- South Korea said Thursday that it is required to work
with Japan and China to expand cross-border trade in the region to shield the
countries from an external economic shock.
It also highlighted the need for the three East Asian neighbors to ramp up
cooperation in carrying out macroeconomic measures in the face of a global
downturn as downside risks still remain a drag on a recovery.
"In the wake of the financial crisis, we realized the need to expand the domestic
market by increasing demand in the (Asian) region in order to strengthen economic
fundamentals," the Ministry of Strategy and Finance said in a report.
"Efforts are also required to ease diverse trade barriers that hamper trade flows
among the three countries and to foster cross-the-border investment," it added.
Despite the slight increase in trade among the countries, even after the
financial crisis that started last September, the volume still remains far lower
than other major economic blocks such as the European Union, the report noted.
Trade among EU member countries accounted for 68 percent of total trade as of
2007. The corresponding figure for South Korea, Japan and China was around 22
percent in 2007, according to the report.
An increase in regional trade is closely interconnected with an economic
recovery, the report said, calling for the three Asian countries to increase
economic policy collaboration amid still-lingering downside risks.
"The economy is showing signs of a recovery but the private sector including
investment remains sluggish with a possible oil price hike feared to hamper the
rebound. Until the private sector shows a full-swing rebound, it is required to
stick to an expansionary economic policy stance," the report said.
"An economic recovery is vital to an increase in regional trade and to that end,
the three countries need to increase collaboration in carrying out macroeconomic
measures until the private sector can recover on its own," it added.
kokobj@yna.co.kr
(END)
