[East Asia Summit] Economic Cooperation to Be the Focus

South Korean President Lee to ask his two counterparts for their supports about 'Grand Bargain' for nuke issue of N Korea

Leaders of South Korea, China and Japan will hold a summit in China's capital city of Beijing on October 10 with economic cooperation including the free trade agreement (FTA) among the three nations at the top on the agenda.

The leaders will also discuss mutual concerns about security issues on the Korean Peninsula and the region including the North Korean nuclear issue, ways to advance trilateral ties for overcoming the global financial crisis and to successfully host the Group of 20 (G-20) summit next year.

According to Cheong Wa Dae, the Blue House in South Korea, the leaders of South Korea, China and Japan will evaluate the previous cooperation and exchange their views on the future-oriented ties among them.

"The meeting will be of great significance for enhancing mutual trust in that it will discuss current questions especially on FTAs in East Asia and North Korea's denuclearization," a top official of Cheong Wa Dae said.

This year marks the 10th anniversary for trilateral summits between the top Asian nations, and also is the first for Japan's Prime Minister Yukio Hatoyama who was recently inaugurated as the Democratic Party of Japan came to power after more than a half century of nearly-unbroken rule by the Liberal Democratic Party.

South Korean government officials expect the upcoming summit will be a practical talk with topics of controlling the time for implementing an exit strategy following the signs of global economic recovery and multilateral talks for North Korea's denuclearization.

North Korea-related issues, especially the 'Grand Bargain' proposed by South Korean President Lee Myung-bak at the G-20 summit, are expected to be greatest concern on the agenda. President Lee offered the 'Grand Bargain' to restart the six-party talks to end the North Korean nuclear programs in return for security guarantees and international assistance.

Chinese Premier Wen Jiabao met North Korea’s leader Kim Jong-il on October 5 and persuaded North Korea to return to the six-party negotiating table as well as exchanging opinions over economic and social support and measures to reinforce bilateral cooperation.

Attentions are put on whether Kim has revealed of his willingness to abandon nuclear weapons in acceptance of Wen's persuasion or Lee's proposal. Especially, the biggest concern is whether North Korea has revealed their intention to return to six-party talks, a meeting council among relevant authorities on North Korea's denuclearization.

Under the Chiang Mai Initiative (CMI) for promoting currency swap deals between countries and regional anti-crisis measures, Asian countries will create a pool of funds worth to stabilize regional financial markets in the event of a crisis. It will be put on the agenda with building a united response to the climate change.   

South Korean trade experts said the nation should play an important role of bridge for promoting the FTAs with among South Korea, China and Japan in the tripartite summit.

They also proposed the tree nations must prepare the comprehensive ways of cooperation for an economic crisis.

In addition, some specialists suggested South Korea should lead China and Japan to join in reducing greenhouse gases as the government is actively driving a 'Low Carbon, Green Growth' policy.

Most of the experts said the tree nations should avoid taking the initiative in resolving the North Korean nuclear crisis, but take steps for closer regional coordination to attain a goal of North Korea's denuclearization.

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