Top negotiators from China, Japan and the Republic of Korea (ROK) said the three countries would accelerate their negotiations on a China-Japan-ROK free trade area (FTA) during the 14th Round of Negotiations of China-Japan-ROK FTA in Beijing on Friday.

China's Vice Commerce Minister Wang Shouwen, one of the negotiators, emphasized the goal of talks. “We have good reason to believe that it is time for the three countries to accelerate negotiations. The three countries have the common political will to accelerate negotiations. China, Japan and the ROK are close neighbors and have complementary industrial strength, and further opening domestic markets will enable more efficient allocations and resources," said Wang. 

The three sides have all agreed that there are enough conditions for the three countries to expedite negotiations as former negotiations on the Regional Comprehensive Economic Partnership (RCEP) have achieved substantial results.

They decided to hold the next round of negotiations in Japan on issues of goods trade, service trade and investment, and the work group meeting would resume by then.

The trilateral FTA talks, launched in November 2012, are one of the most important FTA talks with the largest proportion of China's foreign trade. Together, the three economies account for more than 20 percent of global GDP.

This latest round of talks in Beijing has proved that the three countries are committed to achieving a deal.

Last month, Chinese President Xi Jinping highlighted the necessity of accelerating the trilateral FTA talks in his speech at the opening ceremony of the first China International Import Expo (CIIE) in Shanghai. The 7th China-Japan-ROK leaders' meeting held in Tokyo this May also saw a joint statement released to speed up the conclusion of the FTA talks.

Jointly responding to rising protectionism

Some experts argue, as trade protectionism and unilateralism are on the rise around the world, globalization and the free trade system are under attack, and the risks and challenges are intensifying.

"I would like to emphasize the importance of the trilateral FTA for responding to rising global protectionism and also promoting international trade and supply chain. If we succeed through the FTA among our three countries, which account for one-fourth of the GDP, we will be able to turn the challenges that we are currently facing into new opportunities," said Yoo Myung-hee, director general of the ROK's Ministry of Trade, Industry and Energy.

"Japan's determination to exercise leadership as a standard bearer of free and fair trade is unwavering in the multilateral, regional and bilateral context. First and foremost, multilateral free trade order based on the WTO system should be further strengthened, including through its reform," said Kazuyuki Yamazaki, senior deputy minister of Japan's Ministry of Foreign Affairs.

The three sides agreed that the FTA is conducive to accelerating economic integration in East Asia, promoting further integration of regional industrial chains, and bringing new opportunities to enterprises of the three countries.