Investment Treaty among S. Korea, China, Japan to Take Effect this Week

Beijing, May 15 (QNA) – South Korea’s foreign ministry said Thursday an investment treaty aimed at promoting economic and trade ties with China and Japan will take effect later this week.

The trilateral treaty, which was signed in May 2012, will be effective from Saturday, the first of its kind among the three nations in Northeast Asia, the foreign ministry said in a statement.

The treaty will help beef up institutional grounds to promote investment, the ministry said, adding that it will particularly improve investment environment for Korean firms operating in China, according to (Yonhap) news agency.

“The treaty is expected to serve as a driving force to expedite economic cooperation among the three nations,” it said.

The treaty includes 27 provisions on areas including definition of investment, national treatment, subrogation, taxes, general exceptions and dispute resolution, according to the statement.

The foreign ministry said that the trilateral deal is expected to help the three nations expand the scope of cooperation such as in the fields of battling climate change and disaster relief down the road.

The leaders of the Asian economic powerhouses signed the treaty two years ago, but its implementation has been delayed due to domestic procedures for the deal. (QNA)

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