News Summary: SKorea, China, Japan mull free trade

AP News
Posted: Nov 19, 2012 12:21 PM

THE NEWS: South Korea, China and Japan will soon start talks aimed at forming a free trade pact that will encompass three of the world's biggest economies.

THE DETAILS: The free trade agreement would help boost economic growth and pave the way for more stable political relationships in the region, where China and Japan have been at odds over the sovereignty of islands in the East China Sea.

THE NUMBERS: The state-run Korea Institute for International Economic Policy estimates a trade pact with Japan and China will add as much as 1.45 percentage points to South Korea's gross domestic product growth in the mid- to long-term.