The 7th round of China-Japan-ROK Economic and Trade Minister Conference was held in Seoul, capital of the Republic of Korea (ROK) on May 23. Chen Deming, Chinese Commerce Minister, Kim Jong-hoon, Minister of Foreign Affairs and Trade of ROK, and Masayuki Naoshima, Minister of Economy, Trade and Industry of Japan all came to the conference. The ministers made a review of their cooperation in the process years and a thorough exchange of views on such issues as China-Japan-ROK cooperation, regional and international economic cooperation. The three parties made public a joint news release after the conference.

Chen stated that any difference that may arise in the joint research on free trade areas should be handled in a more flexible and practical manner, and work hard to make material progress before 2012 when leaders of the three countries’ leaders to meet; drive up the negotiation on trilateral investment agreement to make substantive progress soon to reach a balanced, pragmatic and win-win trilateral investment agreement as soon as possible; and further strengthen the communication and coordination among the three countries under the multilateral frameworks of G20 and APEC. In the situation where the world’s economy still faces numerous uncertainties, the three countries shall further enhance economic and trade cooperation, which not only benefits Asian economic growth but also will contribute to the world’s economic recovery and prosperity.

Kim Jong-hoon expressed his gratitude to China’s support to the conference held in ROK. He proposed trade minister conference to be sponsored by the country that hosts tripartite summit. The trade minister conference should closely follow up the tripartite summit and economic issues common concerned by the three countries’ heads. ROK, China and Japan should further strengthen economic and trade cooperation, so as to contribute to the recovery of world economy.

Masayuki Naoshima said, the focus of world economy is moving to Asia, and the economic aggregate of China, Japan and ROK accounts for 70% of that of Asia. The economic development of the three nations is of great significance to the economic recovery of East Asia even to the world. The three counties should intensify cooperation, and try to complete the FTA government-business-academic joint research before the tripartite summit in 2012, and push on the tripartite investment agreement negotiation to complete it as soon as possible.

At the conference, issues of common concerns were also deeply discussed, such as promoting WTO Doha Round Negotiations and strengthening the cooperation of the three nations under the framework of G20 summit and APEC.