Published Date : Sep 14, 2015
Asia Pacific has become an emerging market. This regional market is projected to be the next generation market and is expected to demonstrate robust growth in the coming decades. With the expanding market, the amount of rising disposable incomes of the consumers in this market will grow as well. This means the rising economy and population of this region will in turn fuel the demand for food in this region.
This high growth for food in the Asia Pacific market means reforms in the agricultural industry. These reforms will mostly be in terms of technology and sustainability in order to feed to the ever-growing population of Asia Pacific. Countries such as Japan, South Korea, and China in Asia Pacific recently agreed to improve their cooperation to make sure there is a stable food supply and they wrapped the meeting of farm minsters held for the first time in around three and half years.
A joint statement was issued from this two-day long meeting and the three countries that are the net importers of food items stated that they share the view that sustainability is growing domestic production capacity and it is very important for their food security.
The three nations also further stated that the trilateral free trade agreement in the farming segment is indispensable for their agricultural development to grow. Also, they said they are considering now the several concerns and interests of each nation. According to the Japanese minister the meeting was able to deliver major results that pointed to the memorandum on animal disease response and also the establishment of a working level meeting.
Japan during the bilateral sessions that were held on the sidelines of the three way meeting urged South Korea and China to lift their bans imposed on imports of the marine and agricultural products post the incident of 2011 Fukushima that resulted in a release of massive amount of radioactive material in the environment. However, there was no reported progress on the issue said the officials from Japan.