Business / Economy

China, Japan, ROK conclude latest FTA talks

(Xinhua) Updated: 2014-09-06 10:25

BEIJING - China, Japan, and the Republic of Korea (ROK) concluded their fifth round of Free Trade Agreement (FTA) talks on Friday.

The three sides carried out fruitful negotiations over the models of tax reduction for goods trade as well as approaches for opening up service trade and investment, according to a statement from China's Ministry of Commerce.

It said the three nations have narrowed their differences over goods trade, service trade and investment, also agreeing to include the three agendas of e-commerce, the environment, and cooperation in future talks.

The sixth round of talks is scheduled to be held in Tokyo in late November. The brief statement did not provide further details of the talks, which were commenced on Monday.

China, Japan and the ROK launched the FTA negotiations in November 2012 during a series of meetings among East Asian leaders in Cambodia's Phnom Penh. The three countries have been actively promoting the signing of the FTA, but a timetable has yet to be announced.

An FTA usually aims to eliminate tariffs, import quotas and preferences on most, if not all, goods and services traded among signatories.

China, Japan and the ROK are major economies in East Asia with a combined population of over 1.5 billion people.

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