(Image source: Xinhua News Agency )

 

BY ZACH TOOMBS

 

Three of Asia’s most powerful nations have agreed to open negotiations on a free trade pact. The BBC reports the talks were borne out of a joint summit Saturday.  

 

“The announcement follows a meeting in Beijing between China’s Premier Wen Jiabao, South Korea’s President Lee Myung-bak and the Japanese Prime Minister Yoshihiko Noda.”

 

Reuters reports the three nations make up almost one-fifth of the world’s economy. China’s Xinhua news agency estimated a free trade agreement between the three nations could lift China’s GDP by up to 2.9 percent — and could take Japan and South Korea’s up .5 and .3 percent respectively.

 

However, Xinhua does not explain how it reached those figures, and The Wall Street Journal says any trade agreement between the three nations will have to overcome decades-old rivalries and other obstacles. (Video source: NHK World )

 

“... the free-trade agreement is likely to face hurdles and protracted negotiations before it can go into effect. China has been in free-trade talks with Australia since 2005, but they remain bogged down over issues such as how to treat agricultural goods.”

 

The summit’s talks also focused on North Korea. South Korea’s Lee Myung-bak tells the media his nation, along with China and Japan, urges the regional aggressor to comply with international pressure. Al Jazeera has his comments.

 

“We agreed that future nuclear tests and additional provocations by North Korea cannot be tolerated … I especially regard highly China’s advice to North Korea that they should place more importance on improving the livelihoods of the public.”

 

And, although China has historically been reluctant to get involved in North Korean affairs, its premier placed North Korean cooperation at the center of an effort to make the region safer. According to Daily Yomiuri Online ,

 

“Wen said, ‘The most pressing task is to prevent tensions on the Korean Peninsula from escalating.’ He added that the parties concerned should redouble their efforts to have North Korea ‘return to the right track of dialogue and negotiations.’”

 

According to The China Post, the nations plan to open their talks trade agreement by the end of the year.