South Korea, China and Japan have agreed to work together to launch a new kind of free trade agreement being sought by the Association of Southeast Asian Nations (ASEAN).

The economy ministers of ASEAN’s ten member countries as well as South Korea, China and Japan met in Cambodia on Wednesday and said in a joint statement that a Regional Comprehensive Economic Partnership would greatly contribute to expanding economic cooperation in the region.

The adoption of the partnership would signify the launch of an enormous economic bloc that would see the participation of ASEAN, South Korea, China, Japan, India, New Zealand and Australia.