The leaders of China, Japan and South Korea agreed Sunday to start
talks this year on a free-trade area, saying it would boost the
economies of the entire region.
Chinese Premier Wen Jiabao said
closer regional economic integration in response to a slow global
recovery and an overall rise in trade protectionism would help unlock
new growth potential.
"Northeast Asia is the most economically
vibrant region in the world. So there is huge potential for our three
countries to have closer trade and investment cooperation," Wen told
reporters in Beijing.
"The establishment of a free-trade area
will unleash the economic vitality of our region and give a strong
boost to economic integration in East Asia."
China, Japan and
South Korea combined have the world's largest economy, ahead of the
European Union, when measured by purchasing power parity.
Wen
made the remarks after meeting in the Chinese capital with South Korean
President Lee Myung-Bak and Japanese Prime Minister Yoshihiko Noda.
In
Sunday's meeting, the three nations also signed an investment agreement
concluded earlier this year after 13 rounds of negotiations stretching
over five years.
"To further facilitate mutual investment, it is
important to have a legal framework. It will help our businesses and
mutual investment," South Korea's Lee said.
A free-trade area
among Northeast Asia's three major economies has been on the trilateral
agenda for the past decade, beginning with an agreement among the three
in late 2002 to launch a feasibility study on the issue.