Hyosung Group chairman Cho Suck-rai stressed that Korea and Japan should seek a comprehensive and high-level of bilateral trade liberalization.

His remarks came during his keynote speech as the chief of the Korean delegation during the 44th annual gathering of Korea-Japan business leaders in Osaka, which kicked off Wednesday.

“Like the members of the European Union, it would be better for us ― Asian countries ― to push for market integration,” Cho told participants.

“For the success of the Asian market, benchmarking the EU, it is necessary for Korea and Japan to aim at high-level market liberalization in their FTA talks,” he said.

Last Sunday, the leaders of South Korea, China and Japan agreed to start official negotiations on a trilateral free trade pact within this year during their annual meeting in Beijing, stepping up efforts to deepen economic cooperation.

The envisioned pact would create one of the world’s largest economic blocs, comparable to the EU and the NAFTA.

The three countries’ combined population amounts to some 1.5 billion, less than a fifth of the world’s total. Their gross domestic product amounts to $12 trillion, some 20 percent of the world’s total.

By Kim Yon-se (kys@heraldcorp.com)