China, Japan, S.Korea to talk FTA

Reuters reports that China, Japan and South Korea are set to hold ministerial talks on a free trade area in Cambodia capital Phnom Penh, despite diplomatic tensions over disputed islands in the region.

The FTA between the three countries is seen as an important step towards broader integration of trade and economy in this region. The trio account for about a fifth of the global economy.They agreed to launch negotiations on a trade pact in May. But the pledge was overshadowed by territorial disputes. Earlier, Chinese Premier Wen Jiabao met South Korean President Lee Myung-bak on the sidelines of the East Asia summit in Phnom Penh and agreed to press ahead with free-trade area talks.