China, Japan and South Korea agreed at their fifth annual summit in Beijing on Sunday to begin negotiations to establish a free trade area, Chinese Premier Wen Jiabao said. According to dpa, Wen, speaking after talks with Japanese Prime Minister Yoshihiko Noda and South Korean President Lee Myung Bak, said it was an "important strategic decision," China's official Xinhua news agency reported. He said the countries should push to ensure the early establishment of the free trade area, which would bring together a market of 1.5 billion people in East Asia. Trade between the three countries has increased four-fold to around 690 billion dollars since 1999. The three leaders on Sunday also signed an investment accord. China's Trade Ministry said the agreement would serve as the basis for a future free trade agreement.
