BANGKOK, Aug. 15 (Xinhua) -- The ASEAN+3 economic ministers expressed support for a feasibility study result which showed that trade liberalization would increase member countries' GDP by 1.2 percent, Thai Commerce Minister said Saturday afternoon after the ASEAN+3 economic ministers meeting.

    ASEAN would benefit more than the plus three countries, with even higher GDP growth of 3.6 percent while GDP of China, South Korea and Japan will increase 0.9 percent on the average, Thai Commerce Minister Porntiva Nakasai said, quoting the study.

    After the meeting -- which included economic, trade, and commerce ministers from 10 member states of the Association of Southeast Asian Nations (ASEAN), and ASEAN dialogue partners China, South Korea (ROK) and Japan -- Porntiva said ministers welcomed the results of the feasibility study conducted by experts from the member countries on the feasibility of an East Asia Free Trade Agreement (EAFTA).

    The ASEAN+3 ministerial meeting is a part of the Meeting of ASEAN Economic Ministers (AEM) and Related Meetings, which officially kicked off on Friday in Bangkok and concludes on Sunday.

    The study found that if the countries establish a Free Trade Agreement, the GDP of the member countries would increase by 1.2 percent. ASEAN would benefit more than the plus three countries, with even higher GDP growth of 3.6 percent. China, ROK and Japan would see an average increase of 0.9 percent, while Thailand's GDP would be boosted by 4.5 percent. The ministers tasked government officials to make further study based on the recommendations of experts to strategically approach the future integration.

    The ministers at the meeting concurred that Free Trade Agreements between ASEAN and China, Japan and ROK are fundamental to future economic integration of ASEAN+3.

    China and ASEAN signed the Investment Agreement earlier Saturday. The signing of the investment agreement, together with already-signed China-ASEAN agreements of the trade in goods and services, completed the negotiation process of China-ASEAN Free Trade Area (FTA), which is to be realized by Jan. 1, 2010.

China's Commerce Minister Chen Deming (2nd L seated) and Thai Commerce Minister Pornthiva Nakasai (3rd L seated) sign the ASEAN-China Investment Agreement during the 41st ASEAN Economic Ministers' Meeting in Bangkok, capital of Thailand, Aug. 15, 2009.(Xinhua Photo) Photo Gallery>>>

    ASEAN exports to the three partner countries (China, ROK and Japan) increased from 192 billion U.S. dollars in 2007 to nearly 225 billion U.S. dollars in 2008 a 17-percent growth. ASEAN imports from the three countries have been increasing from 213 billion dollars in 2007 to 245 billion dollars in 2008.