Chief negotiators from three countries, namely Wang Shouwen (L), Chinese Assistant Minister of Commerce, Kim Hak-do, South Korean Director General for FTA Policy at the Ministry of Trade, Industry and Energy (MOTIE), and Yasumasa Nagamine (R), Japanese Deputy Minister for Foreign Affairs pose for a photo in Seoul on Tuesday, May 12. The seventh round of trilateral meetings between China, South Korea and Japan is underway in the city. [Photo: CRIENGLISH.com]

A new round of talks for a trilateral free trade agreement between China, South Korea and Japan is now underway in Seoul.

Chief negotiators from all three countries have gathered in the South Korean capital for a two-day event.

The seventh round of talks for the trilateral FTA, also known as the CJK FTA, kicked off on Tuesday.

Three chief negotiators are discussing key issues such as the basic guidelines for talks on market liberalization for goods and services.

Wang Shouwen, China's Assistant Minister of Commerce leads the Chinese delegation.

Wang says the FTA talks have benefits that go beyond the realm of economics.

"A FTA among three countries will serve as an important vehicle that would strengthen our existing relations not only by expanding trade and investment among us but also by providing a comprehensive and institutional framework in which a wide range of trilateral cooperation would involve. A CJK FTA would be regarded as a milestone in regional integration."

As the world's economic center shifts to the Asia Pacific region, the wider East Asian economy has been leading global economic growth in recent years.

In 2012, the combined gross domestic product of the three countries exceeded 14 trillion US dollars, taking up about 20 percent of the world total and 70 percent of Asia's total.

Also in 2012, the three countries began their talks for an FTA, aimed at building a free trade zone having for 1.5 billion people, one fifth of the world population.

Kim Hak-do is South Korean Director General for FTA Policy at the Ministry of Trade, Industry and Energy.

As the chief negotiator with South Korean side, Kim says the three sides are willing to solve any possible difficulties.

"Since it is the trilateral FTA, there may be more difficulties compared to the bilateral FTA, but I do believe that three of us and our willingness and capacity to achieve the rare balance of the FTA."

Zhao Jianglin, head of Department of International Economic Relations with the Chinese Academy of Social Sciences, says the most difficult parts of the trilateral talks include both traditional and new economic sectors.

"Traditionally, as we know, Japan and S. Korea are unwilling to open farm trade, which will be a very tough sector. Meanwhile, we need to take some new sectors into consideration. This is a global trend regarding FTA talks. For example, TPP talks also include discussions about data exchanges, IPR protection, and interests of medium-sized and small enterprises."

TPP is the US-led Trans-Pacific Partnership Agreement. According to Zhao Jianglin, the TPP talks between US and Japan is now hindered by farm trade talks, as Japan is reluctant to open its farm market to the US.

China has not participated in the TPP talks whereas South Korea and Japan are discussing possible entry into the agreement.

Zhao Jianglin says once the three Asian countries reach agreement over an FTA, it might provide an opportunity for China to be engaged in the Trans-Pacific Partnership.