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Premier calls for closer China-Japan-ROK business links

Updated: Nov 2,2015 11:03 AM

Premier Li Keqiang on Nov 1 called for expanded trade and investment among China, Japan and the Republic of Korea and to further tap the potential for cooperation in new areas, such as green development and innovation.

Premier Li made the remarks at the fifth China-Japan-ROK Business Summit while addressing business leaders from the three countries, along with ROK President Park Geun-hye and Japanese Prime Minister Shinzo Abe.

He said the three neighbors should expand trade volume and further open up markets with closer cooperation in logistics and customs, urging the earliest completion of negotiations for the China-Japan-ROK Free Trade Agreement and the Regional Comprehensive Economic Partnership.

“The Chinese government welcomes enterprises from Japan and the ROK to invest in central and western China and in high-technology areas; meanwhile, China encourages domestic companies to explore the markets of Japan and the ROK,” Premier Li said.

He said local governments in the three countries should forge closer economic links in a fair and transparent regional investment environment secured by the China-Japan-ROK Investment Agreement that took effect in 2014.

Furthermore, Premier Li calls for enhanced cooperation in environmental protection and the new energy industry, as well as close connection of the three countries’ strategies on innovation.

Additionally, China, Japan and the ROK should expand the volume of people-to-people exchanges to 30 million by 2020, and deepen cooperation in sports, education, science and technology, culture and media, according to the Premier.

For the past 16 years, internal trade within the three neighbors has grown on average 12 percent annually, being important investment and trade partners for one another.

“Along with continuous development and structural adjustment, the complementary nature of the three economies will only be reinforced, which will further advance joint development in Asia and around the globe,” said Premier Li.

Park urged speeding up negotiations for the China-Japan-ROK Free Trade Agreement, upgrading traditional industries, cultivating innovation and coordinating financial policies among the three countries to improve economic integration in East Asia.

Abe said the cooperation of China, Japan and the ROK will contribute to regional trade, investment and connectivity.