BEIJING: Trade ministers from Japan, China and South Korea on Sunday confirmed the three countries' cooperation to wrap up talks on the proposed Regional Comprehensive Economic Partnership free trade pact among Asia-Pacific nations within 2020.

Japanese Minister of Economy, Trade and Industry Hiroshi Kajiyama, Chinese Commerce Minister Zhong Shan and South Korean Minister of Trade, Industry and Energy Sung Yun-mo also agreed that the three East Asian nations, based on the RCEP negotiations, will accelerate talks on concluding a trilateral free trade agreement featuring bolder goals than the RCEP in terms of tariff cuts and elimination for industrial and agricultural goods.

The agreements were included in a joint statement issued after the ministerial meeting held in Beijing.

Uncertainty lingers over the RCEP, after India threatened to pull out of the negotiation framework at the RCEP summit in November due to concern over massive inflows of goods from China and participating leaders gave up on concluding the talks by the end of this year as a result.

Japan, China, South Korea and 12 other countries, excluding India, are aiming to conclude the RCEP negotiations in 2020. Still, Japan believes that India, which continues dynamic growth, should be kept in the RCEP framework.

"It's important for us to work to have the RCEP signed by all 16 countries including India at an early date," Kajiyama told a joint press conference with Zhong and Sung after the Beijing meeting on Sunday.

Amid a rise of protectionism in the world, China, Japan and South Korea should work together to beef up trade and investment, Zhong, who chaired the session, said, showing Beijing's hope to leverage the possible RCEP conclusion for speeding up negotiations on the envisioned three-way FTA.

Kajiyama echoed Zhong's view, saying, "The three countries need to cooperate to realize a comprehensive, high-standard and mutually beneficial agreement."

Kajiyama, Zhong and Sung also confirmed collaboration among Japan, China and South Korea in such fields as energy and e-commerce.

The agreements at the ministerial session are expected to be reaffirmed at a summit among the three countries to be held in Chengdu, the capital of the inland China province of Sichuan, on Tuesday.

The trilateral trade ministers' talks are an economic dialogue framework launched based on an agreement reached at a three-way summit in 2001.

Sunday's meeting was the 12th and the first in about three years since October 2016. The three countries were unable to hold such talks in recent years due to reasons including Japan-China tensions and confusion in South Korea's domestic politics. Initially, the framework saw trade ministers from the three nations get together almost every year.

JIJI Press