Japan, China, and South Korea opened their first round of free trade talks on Tuesday to discuss details including the scope of negotiations in Seoul, Yonhap News Agency reported.
The free trade negotiations will run through Thursday, according to South Korea's Ministry of Trade, Industry, and Energy.
The ambitious three-way pact, if realized, would create one of the world's largest markets as the three nations account for 20 percent of the global gross domestic product (GDP), 17.5 percent of all global trade, and 22 percent of the global population.
Data shows that the combined GDP of the three nations reached USD 12.34 trillion in 2010. Trade volume among the three nations amounted to USD 5.32 trillion in 2010, and their combined population reached 1.52 billion.
In November last year, the three nations declared the start of free trade talks aimed at boosting their trade, a move also seen as helping to ease territorial tension in the Northeast Asian region.(end) mk.wsa KUNA 261057 Mar 13NNNN