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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World S.Korea, China, Japan move towards free trade bloc AFP - Sunday, May 30 Send IM Story Print S.Korea, China, Japan move towards free trade bloc Slideshow: Full Photo Coverage: Business & Economy SEOGWIPO, South Korea (AFP) - – South Korea, China and Japan Saturday called for free-trade talks aimed at eventually creating a single economic bloc to be speeded up, as their leaders met for a three-way summit. The calls came as South Korean President Lee Myung-Bak hosted the two-day summit, joined by Chinese Premier Wen Jiabao and Japanese Prime Minister Yukio Hatoyama, to discuss regional security and economic issues. South Korea has for years been in separate free-trade talks with China and Japan, but with little progress. "A South Korea-Japan FTA (free trade agreement) would contribute to developing the bilateral relations on a mid- and long-term basis," Lee told Hatoyama during their bilateral summit, according to Lee's spokesman. Lee proposed to Hatoyama that the two countries should "speed up" their preliminary talks -- in place since 2004 -- before holding official talks on negotiating a free trade pact. "The signing of an FTA is important for Japan and South Korea to cement their relationship in the next 100 years," Hatoyama said, adding his government would make active efforts towards it. China's Premier Wen on Saturday also called for talks on a bilateral free-trade agreement with South Korea as both sides wrapped up a three-year joint feasibility study on the project. "The two countries should start official talks on their free-trade agreement in the future," Wen was quoted as saying by Yonhap news agency at a meeting with South Korean business leaders in Seoul. South Korea and China on Friday signed a memorandum of understanding, agreeing to hold preliminary talks on sensitive sectors such as agriculture before starting full-fledged negotiations on a free-trade pact. Last weekend, the trade ministers of South Korea, China and Japan confirmed they would complete a feasibility study within two years on creating a single free trade bloc grouping their three countries. China has emerged as South Korea's largest trading partner, absorbing some 24 percent of its total exports in 2009. South Korea has been actively pushing for free-trade agreements worldwide to bolster its export-dominated economy. It already has such agreements with Chile, Singapore, India, the European Free Trade Association and the Association of Southeast Asian Nations. A free-trade pact was signed with the European Union in October 2009 and awaits ratification. A deal signed with the United States in 2007 is also awaiting ratification. Recommend Send IM Story Print Related Articles S.Korea, China, Japan move towards free trade bloc AFP - Sunday, May 30 China calls for official trade talks with S.Korea AFP - Sunday, May 30 Judge orders Toyota to release documents in lawsuit AFP - Saturday, May 29 ADB asks Sri Lanka to reduce size of budget AFP - Saturday, May 29 Standard Chartered bank's India offer oversubscribed AFP - Saturday, May 29 News Search Top Stories Debt-hit Greece threatened with health supply freeze France, UK mark 70th anniversary of Dunkirk evacuation Europe forgets debt woes with song contest After May madness, Wall Street faces loaded week Lindsay Lohan wants a Chanel alcohol tag More Top Stories » Related Full Coverage Free TradeFree Trade All Full Coverage » ADVERTISEMENT Most Popular Most Viewed Most Recommended Fergie to appear on Oprah show after scandal Lindsay Lohan wants a Chanel alcohol tag BP pushes on with 'top kill', true slick size emerges Bright sparks Nadal, Federer shine in Paris tennis Markets rattled as Fitch cuts Spain's debt rating More Most Viewed » Scientists stunned as grey whale sighted off Israel Hubble catches planet being devoured by its star UN fears 'irreversible' damage to natural environment Earth may be too hot for humans by 2300: study Ocean fish could disappear in 40 years: UN More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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