The South Korean Navy's International Fleet Review begins a five-day run Wednesday at Jeju Island's civilian-military complex port, with Navy delegates from 46 countries in attendance.

The highlight of the event will be the review of warships on Thursday, where 24 South Korean vessels will appear alongside 17 vessels from 12 countries, including the 103-thousand-600-ton U.S. nuclear-powered aircraft carrier USS Ronald Reagan.

Japan decided not to send its warship amid a row over its Maritime Self-Defense Forces' plan to fly the controversial Rising Sun flag, which is considered a symbol of Japan's imperialist past in South Korea.

China has also canceled its plan to send a destroyer, citing "domestic reasons."

South Korea first held the once-in-a-decade event in 1998 to mark the 50th anniversary of its military's founding. This year's event comes amid Seoul's ongoing efforts for denuclearization and peace on the Korean Peninsula.