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China, Japan, and South Korea are about to kick-start their push for a free-trade region for the three economic giants, according to the Wall Street Journal.The negotiations still remain in exploratory stages, meaning it will be sometime before the economic juggernaut moves toward such a pact. Together, the three produce 20% of the world’s output.
Negotiations could start as soon as next year, according to Chinese premier Wen Jiabao.
If a trade agreement was to materialise, it would pose a serious rival to NAFTA, the North American Free Trade Agreement, and the European Union.