Economic and trade ministers of China, Japan and ROK met on November 20th during East Asia Summit Meetings held in Phnom Penh of Cambodia and declared to launch China-Japan-ROK Free Trade Area negotiations.

The three countries conducted academic study and joint study by government, business and academy in regard to FTA matters from 2003 to 2009 and from 2010 to 2012 respectively, and a positive conclusion was made. On that basis, Chinese, Japanese and ROK leaders reached a consensus in Beijing in May of 2012, agreeing to launch China-Japan-ROK FTA negotiations within 2012.

China, Japan and ROK all are important global economies, and indispensable trading and investment partners with each other. In 2011, total economic output of the three countries amounted to US$14 trillion, taking up nearly one fifth of the total global output. They have close cooperation in the division of global industrial chains. China-Japan-ROK FTA reflects actual demands of trade and economic cooperation of the three countries, having a profound significance in enhancing their trade and economic ties and boosting economic integration in East Asia.