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From a strategic perspective, the proposed China-South Korea-JapanFTA accords with the trend of international industrial transfer andthe structural adjustment of the world economy, said Zhang. Since the outbreak of the global financial crisis, protectionismand trade frictions have grown more severe. As a result, FTAs havebecome increasingly important in normalizing international economicrelations. While the global free trade regime is still in the air,regional economic integration has sped up. "Due to the decline of the U.S. economy and the instability of thestatus of the dollar, the global economic system is undergoing afar-reaching change. It is impossible to achieve global economicintegration on the basis of the old international order, and it isan inevitable trend that the world will embrace a multi-polareconomic system," said Ren Weidong, a research fellow with theChina Institutes of Contemporary International Relations (CICIR). The China-South Korea-Japan FTA is in line with this trend, hesaid. Currently, Japan is focusing on industry shifting. SouthKorea is hindered by its small domestic market. As it pursuesindustrial upgrading, China needs advanced technologies fromforeign countries and is eager to make full use of externalresources and markets. "All the three countries share the common desire for larger spacefor economic development," Ren said. "The FTA will give a newimpetus to the economic development of the three countries and helpenhance their overall strength." A white paper titled China-Japan-ROK Cooperation (1999-2012) released by the Chinese Foreign Ministry shows China, Japan andSouth Korea together represent 74 percent of the East Asianpopulation and 22 percent of world population. They also represent90 percent of the East Asian economy and 20 percent of the worldeconomy, and 70 percent of East Asian trade and 20 percent of worldtrade. In addition, trilateral trade expanded from $130 billion in1999 to $690 billion in 2011. China has topped the lists of tradepartners of Japan and South Korea for many years, while Japan andSouth Korea rank fourth and sixth among China's trade partners. However, trade among the three countries accounts for less than 20percent of their overall foreign trade, far below the ratio for theEU, which stands at 63.2 percent. Mutual investment among the threecountries is also low, accounting for just 6 percent of their totalinvestment in foreign countries. "This does not match their positions as big economies and importantneighbors. There are FTAs in North America, in Europe and inSoutheast Asia. Trade arrangements are necessary in Northeast Asiato promote the regional economy," said Liu Jiangyong, Vice Dean ofthe Institute of Modern International Relations at TsinghuaUniversity. Moreover, with the United States shifting its economy to anexport-driven pattern, the three Asian countries will face muchmore pressure in the shrinking export market. They all need to relymore on the Asian market. The e-commerce company in China offers quality products such as Transformer Test Equipment , China Portable Calibrator, and more. For more , please visit Electric Meter Test Equipment today!
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