Japan, China, S. Korea Businesses Seek Stronger Regional Partnerships

May 10, 2018

Tokyo- Major business groups from Japan, China and South Korea called on Wednesday for stronger regional economic partnerships to fuel growth.

"Free and open multilateral trading system is essential to achieving inclusive growth," the business groups said in a joint statement adopted at a meeting in Tokyo.

High-level economic partnership agreements "need to be swiftly concluded," they said, seeking to accelerate talks on a free trade agreement between the three nations and the proposed 16-nation Regional Comprehensive Economic Partnership.

The three business groups are the Japan Business Federation, or Keidanren, the China Council for the Promotion of International Trade and the Korea Chamber of Commerce and Industry. They met on the sidelines of a summit of Japanese, Chinese and South Korean leaders.

In a speech delivered at the business groups' meeting, Japanese Prime Minister Shinzo Abe said Japan, China and South Korea should play a leading role in promoting free trade for the development of the world economy.

There is a strong need to secure a fair competitive environment and continue to push free trade more vigorously, Abe said.

Chinese Premier Li Keqiang told the meeting that the three countries should cooperate on research and development, as well as innovation. Jiji Press