CHINA, South Korea and Japan held the first round of the free trade agreement (FTA) talks in Seoul even as Japan despite unresolved territorial disputes between them.
Despite territorial disputes, South Korea, Japan, China begin FTA talks CHINA, South Korea and Japan held the first round of the free trade agreement (FTA) talks in Seoul even as Japan despite unresolved territorial disputes between them.
The three-day talks discussed the scope of the negotiations, according to the South Korean government.
The countries decided in November 2012 to proceed with talks to boost trade. South Korea's Yonhap news agency said the talks are seen as away to deal with territorial issues.
South Korea and China are already involved in talks for a bilateral free trade agreement. Similar talks between South Korea and Japan haven't proceeded since 2004 because of Japan's reluctance to lower tariffs on agricultural goods, the report said.
An FTA among the three countries would create one of the world's largest markets as they together account for 20 per cent of the global gross domestic product and 17.5 per cent of all global trade, Yonhap reported. The combined GDP of the countries totalled US$12.34 trillion in 2010.
Japan's territorial dispute with China over the Diaoyu Islands in the East China Sea has worsened since Japan nationalised the islands in September last year. The islands are also claimed by China and the dispute has affected bilateral trade.
Relations between Japan and South Korea also have been affected over the South Korean-controlled island called Takeshima by Tokyo and Dokdo by Seoul.
