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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World South Korea, China, Japan trade chiefs meet By KELLY OLSEN,AP Business Writer - Sunday, May 23 Send IM Story Print South Korean Trade Minister Kim Jong-hoon, center, escorts Chinese Commerce Minister Chen Deming, right, and Japanese Economy, Trade and Industry Minister Masayuki Naoshima as they arrive to hold the seventh trilateral Trade and Economic Minister's meeting in Seoul, South Korea, Sunday, May 22, 2010. Trade ministers from China, Japan and South Korea met Sunday to discuss issues of common interest, including an ongoing study for a possible three-way free trade agreement, amid worries over the world economy sparked by Europe's debt crisis.(AP Photo/Ahn Young-joon) SEOUL, South Korea – Trade ministers from China, Japan and South Korea met Sunday to discuss issues including a possible three-way free trade agreement, amid worries over the world economy sparked by Europe's debt crisis. South Korean Trade Minister Kim Jong-hoon, Chinese Commerce Minister Chen Deming and Japanese Economy, Trade and Industry Minister Masayuki Naoshima began one day of talks at a Seoul hotel with handshakes. The three countries, which represent 18.6 percent of the global economy as measured by gross domestic product, have been holding regular trilateral meetings at the trade minister level since 2002, according to South Korea. Japan is Asia's largest economy with China close behind. South Korea ranks No. 4. behind India. The ministers were expected to discuss general issues, including an ongoing joint study for a possible three-way free trade agreement as well as stalled efforts to reach a new global trade deal within the World Trade Organization, Kim Sung-soo, an official at South Korea's Ministry of Foreign Affairs and Trade, said Saturday. The meeting comes as concerns grow over the state of the world economy amid Europe's debt crisis, which has shaken financial markets and raised fears over a possible broader impact on commerce. Global trade, which plummeted in the wake of the worldwide financial meltdown in late 2008, is expected to rebound in 2010, the WTO said in March. Trade volume will grow 9.5 percent this year after contracting 12.2 percent in 2009, the biggest decline since World War II, the WTO said. South Korea, China and Japan are studying a possible free trade deal, though achieving one could take years. Efforts by South Korea and Japan to reach a bilateral agreement have gone mostly nowhere because of a dispute on how to handle trade in rice. South Korea has been the most aggressive in pursuing bilateral free trade agreements. Seoul has pacts in force with Chile, India, Singapore, the 10-member Association of Southeast Asian Nations and the European Free Trade Association, which comprises Switzerland, Iceland, Liechtenstein and Norway. It has signed a deal with the United States and concluded negotiations on one with the European Union, though the agreements remain unratified. The country is also negotiating deals with Canada, Mexico, New Zealand, Peru, Colombia, Turkey and the Gulf Cooperation Council, which groups Kuwait, the United Arab Emirates, Saudi Arabia, Oman, Qatar and Bahrain. __ Associated Press photographer Young-joon Ahn contributed to this report. 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