(VOVworld) - China, Japan, and the Republic of Korea wrapped up the fifth round of Free Trade Agreement (FTA) negotiations in Beijing on Friday.

China, Japan, and Republic of Korea start 5th round of Free Trade Agreement negotiations in Beijing. (Photo: twitter.com, @erlendek)

The Chinese Trade Ministry announced that much progress was made at this talk relating to the tax reduction for trade of goods and ways to open up service trade and investment. The three countries narrowed the gap in the goods and services traded among the signatories and agreed that issues on electronic commerce, the environment, and cooperation will be discussed in the next negotiations. China, Japan, and the ROK launched FTA negotiations in November 2012 and the agreement is expected to create one of the world’s biggest economic blocs.