South Korea, China, and Japan to discuss free trade deal at Seoul summit

By Money Times

Oct 27, 2015 09:30 PM EDT

China, South Korea, and Japan have announced plans to reignite a three-party summit that was halted on 2012 due to lingering animosity towards Japan's part in WWII.

According to a Bloomberg report, the summit aims to bring together the three Asian powers toward a free-trade agreement. This trade agreement will hopefully "boost communications between the three nations and to maintain stability in the region," comments Liu Zhenmin, a Deputy Foreign Minister, during a briefing conducted on Monday.

As North Korea is rising in military power, neighboring regions and countries are now seeking a way to combat a possible hostile overtaking. It is expected that the renewed partnership between Japan, China, and South Korea will prove beneficial for all the involved parties' economies.

An article posted on The Diplomat announces Chinese Premier Li Keqiang's plans on traveling to Seoul for three days to attend the trilateral summit, which is set to happen in South Korea's capital city. There is no precise date yet for the summit, but it is likely to happen during the Chinese Premier's stay, which will last from October 31 to November 2.

The attendance of Li will be crucial in maintaining focus on improving economic relations between Japan, China, and South Korea, although a post fromStraits Times mentions how concerns about North Korea will also be discussed.

A statement made by Zhenmin to Yonhap news agency expressed his objective of upholding peace in the Korean Peninsula, also adding that it was a goal of not just China alone.

China's Ministry of Commerce released news of another meeting to be held this December that will revolve on negotiations towards a free trade zone between the three Asian powers.

Shen Danyang of the Ministry of Commerce believes that "a high-standard FTZ is in the interest of all and will aid development and prosperity in the region."

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