Participating economists at the "The 2nd non-governmental high-level talks on China-Japan-South Korea free trade area" on April 24 expressed hopes that a free trade area (FTA) comprising China-Japan-South Korea could be established as soon as possible.

Zheng Xinli, Permanent Vice Chairman of the China Center for International Economic Exchanges (CCIEE) pointed out that the time is ripe for discussions concerning the establishing of a China-Japan-South Korea free trade area.

Zheng said that the proposed free trade area would boost regional economic development and improve conditions in all three countries, and he called for inter-governmental talks on the FTA to be included on the agenda for the upcoming coming China-Japan-South Korea summit meeting in May.

The total gross of China, Japan and South Korea account for 20 percent and 70% in the world and Asia respectively. Due to the fact that trading volumes have reached US$343.1 billion between China and Japan and US$245.6 billion between China and South Korea, agreement on a FTA will be important for economic growth in Asia.

The proposal for a China-Japan-South Korea FTA was first put forward at the China-Japan-South Korea summit meeting in 2002. The proposal stated that the FTA would potentially be a huge market with a population in excess of 1.5 billion. In addition, tariffs and trade restrictions within the FTA would be eliminated, ensuring the smooth and rapid movement of commodities, thereby contributing to economic development in all three countries.