China, Russia, the Republic of Korea and Japan signed an agreement in Changchun on Thursday establishing a joint venture that will operate a joint sea route.
The agreement was signed during the 4th Northeast Asia Investment and Trade Expo here in the capital of Jilin Province, northeast China.
The service, which is expected to start trial operations next month, will run 800 nautical miles from Huichun, a key port in Jilin, to Niigata in Japan via the Russian port of Zarubino and the ROK's Sokcho port. The sailing time will be about 36 hours, or one-eighth the current time.
The ROK-based joint venture has registered capital of 3 million U.S. dollars. The ROK will have a 51 percent stake, with China, Japan and Russia holding 16 percent, 16 percent and 17 percent, respectively.
The four parties have been preparing to launch the transportation "artery" since a framework agreement was reached in September 2006.
Experts said the route would strengthen economic ties among the four countries and promote economic development in northeast Asia.
Source:Xinhua
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