The existing free trade agreement between ASEAN and China is the largest such agreement in the world measured by the population it concerns and third largest measured by nominal GDP. It came into effect on Jan 1, 2010, and has since helped to bring about a huge increase in bilateral trade.

The joint declaration also said China, Japan and the ROK have "fully realized" how important cooperating among themselves is, especially as the world economy remains grim and the situation in West Asia and North Africa remains turbulent.

Luo Zhaohui, director of the Foreign Ministry's department of Asian affairs, told reporters on Monday that the start of talks on the trilateral free trade agreement is "a historical achievement and a strategic breakthrough".

Economic cooperation will fill the three nations with more feelings of mutual trust, he said.

Some observers, meanwhile, have said the formation of a free trade agreement among China Japan and South Korea will introduce a competitor to the Trans-Pacific Partnership, a free trade agreement that applies to the Asia-Pacific region and is supported by the United States.

Questions:

1. When was the joint declaration released?

2. How much of influence would the trilateral agreement have on world trade?

3. What does the free trade agreement act as a competitor to?

Answers:

1. Monday.

2. A fifth.

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