May 16, 2012

The agricultural products that China sells to Japan and South Korea will be given a reasonable price to have a balance in its agricultural trade, the state-run China Daily reported Tuesday (May 15).

China won't charge high prices for its agricultural products in Japanese and South Korean markets after the three countries sign a trilateral free trade agreement, the newspaper said, citing Sun Yuanjiang, deputy director-general of the international department of the Ministry of Commerce as saying. It didn't elaborate.

China, Japan and South Korea agreed Sunday at a Beijing summit to start talking about reaching a free trade agreement this year.

Sun, the chief Chinese negotiator in the talks, said Japan and South Korea provide too much protection for their domestic agricultural industries and trade disputes over agricultural products are a barrier to reaching a trade agreement, the newspaper said.

The value of Chinese agricultural exports to Japan hit US$10.99 billion last year, while those to South Korea totalled US$4.17 billion, an 18.3% increase, China Daily said.

Agricultural exports to Japan and South Korea accounted for 25.2% of China's total in 2011.

China, Japan and South Korea will boost trade of agricultural products and grains and strengthen cooperation in exchanging information about natural disasters and animal disease under a separate agricultural cooperation agreement, according to a separate statement posted on the central government's website.