China, Japan and S Korea prepare trade agreement

Leaders from China, Japan and South Korea announced during a two-day summit over the weekend that they would accelerate preparations for a free-trade agreement, the Wall Street Journal reported. Chinese Premier Wen Jiabao, Japanese Prime Minister Naoto Kan and South Korean President Lee Myung-bak pledged to “complete joint studies among industry representatives, officials and academics on a Japan-China-South Korea free-trade agreement this year.” Wen also promised to ease restrictions on Japanese agricultural imports, imposed after a meltdown at the Fukushima Daiichi nuclear plant earlier this year. Plans for a free-trade pact between the three nations has been on the table for some time, but diplomatic spats between China and Japan last year stalled progress. The three countries account for about 20% of global GDP.