Japanese, Chinese and Korean economic cooperation promotes prosperity in East Asia

Author: Sun Xin / Xu Changwen
Publisher:
Publish Date: 2005-03-01
Features: The achievements, existing problems, and countermeasures in the economic and trade development among China, Japan, and South Korea since the reform and opening-up. It also elaborates in detail on the economic and trade development between the three countries and ASEAN, as well as the pros and cons of establishing the RCEP free trade area. It proposes the possibility of China, Japan, and South Korea establishing a free trade area to achieve East Asian integration sooner, as well as the necessity of cooperation with ASEAN countries to promote the overall process of East Asian integration. China, Japan, and South Korea are important countries in East Asia, and the three nations have the responsibility to play a role similar to that of France and Germany in the EU or the United States and Canada in the USMCA, actively promoting economic cooperation in the region. To better fulfill this role, the three countries should first strengthen cooperation. In terms of development stages, China, Japan, and South Korea are of different types of countries. China is the world's largest developing country; Japan is a developed country and the second-largest economy in the world; while South Korea is a newly industrialized country. Due to differing development stages, the three countries have significant gaps in economic development levels, making them highly complementary in economic cooperation. This is indeed the case, as in recent years, the three countries have been exchanging goods and developing rapidly in economic and trade relations. Especially after China joined the World Trade Organization (WTO) in 2001, the three countries are not only all members of the WTO but also members of APEC and RCEP cooperation, making their trilateral economic cooperation even closer.