The foreign ministers of South Korea, Japan and China held their third round of talks this year on Monday in Shanghai.

The three ministers discussed cooperation and preparation for the October tenth summit among their three nations in Beijing. They also discussed joint concerns, including the North Korean nuclear issue.

During the talks, South Korea outlined President Lee Myung-bak’s “grand bargain” proposal, which entails dismantling key aspects of North Korea’s nuclear program through the six-party talks while at the same time providing the North with a security guarantee.

The ministers agreed that swiftly resolving the nuclear issue through the six-party talks is critical to peace and stability in Northeast Asia and that the three sides will continue to collaborate on the issue.

They also vowed to work together in economic recovery efforts and to cooperate for a successful hosting of next year’s Group of 20 global financial summit in Korea.

The fourth round of ministerial talks will be held in Korea next year.

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