China, S.Korea, Japan closer to free trade agreement
So far, the countries have discussed various issues including goods, services, investment, competition, intellectual property rights, e-commerce and environment. In the coming round of negotiations, the countries plan to deal with market liberalization for products, services and investment.
China is Japan’s leading trading partner, with a bilateral trade valued at over $332 billion in 2012 while Japan and South Korea are China’s third and fourth largest trading partners, with total trade valued at $332 billion and $257 billion, respectively. China is the leading trade partner of South Korea with Japan in second rank and South Korea is Japan’s fourth largest trading partner with a total trade worth over $103 billion in 2012.
Meanwhile, China and South Korea have concluded substantive negotiations for a bilateral FTA. Under the FTA, over 90%of the goods traded between China and South Korea will be subject to zero tariffs, with the goods in question accounting for more than 85% of the bilateral trade value between the two countries.
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