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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 SKorea, China, Japan trade chiefs praise FTA study 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 on Sunday praised efforts to explore a potential joint free trade deal to boost commerce among three of Asia's biggest economies. South Korean Trade Minister Kim Jong-hoon, Chinese Commerce Minister Chen Deming and Japanese Economy, Trade and Industry Minister Masayuki Naoshima met in Seoul for one day of talks. The three countries, which represent 18.6 percent of the global economy as measured by gross domestic product, have been holding trilateral meetings at the trade minister level since 2002. Japan is Asia's largest economy with China close behind. South Korea ranks No. 4. behind India. South Korea, China and Japan earlier this month in Seoul held the first meeting of a joint committee consisting of representatives from government, business and academia to study a free trade agreement. Kim, Chen and Naoshima said in a statement that they hoped the study, targeted for completion by 2012, would "contribute to deepening the already mutually beneficial economic interactions among the three countries towards the realization of economic integration of the region in the long term." As that language suggests, achieving such an ambitous deal would likely take years. Efforts by South Korea and Japan, for example, to reach a bilateral free trade agreement have gone mostly nowhere largely because of disagreement over how to handle trade in rice. South Korea has been the most aggressive among the three countries in pursuing bilateral free trade agreements. Seoul has pacts in force with Chile, Singapore, India, 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 eight other agreements with Australia, Canada, Mexico, Turkey and others. Sunday's meeting came 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 World Trade Organization 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. The ministers did not mention current financial unease in their statement, though said they "support the open and fair multilateral trade regime of the WTO" and highlighted the need to "fight against protectionism in any form." They also vowed to work toward an "ambitious, balanced and early conclusion" of a stalled global trade agreement within the WTO, the so-called Doha round. They also said they would cooperate ahead of summits this year of the Group of 20 _ scheduled for Toronto in June and Seoul in November _ "to ensure that the G-20 delivers its promise to strengthen the international financial system and lay the foundation for strong, sustainable and balanced growth of the world economy." 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