The 8th China-Japan-ROK leaders' meeting, scheduled for Dec. 24, is believed to have a profound and positive impact on regional and even global economies, coming at a time when the world is facing the increasing pressure of economic downturn.

According to China's Ministry of Commerce (MOFCOM) and Ministry of Foreign Affairs, China, Japan and South Korea have a total population of 1.6 billion, and the three countries are the world's second, third and eleventh largest economy, respectively. Their economic aggregate totals $20.2 trillion, equivalent to 24 percent of the world's total, or over 70 percent of Asia's total.

Last year, the total trade volume between the three countries exceeded $720 billion, and the number of personnel exchanges reached 31 million.

Apart from the formal meeting, leaders from all three countries will also attend a trilateral business summit, a press conference and an activity commemorating the 20th anniversary of the trilateral cooperation.

Assistant Minister Li Chenggang of MOFCOM noted that the meeting would help the three countries further consolidate mutual political trust, enhance economic cooperation, and promote mutually beneficial cooperation in various fields, thus injecting strong impetus into the growth and sustainability of East Asian and global economies.

As 2019 marks the 20th anniversary of China-Japan-ROK cooperation, the leaders of the three countries will discuss future collaboration and exchange opinions on deepening pragmatic cooperation, said Wang Chong, a senior researcher with the Charhar Institute, a non-governmental and non-partisan think-tank focusing on foreign policy and international relations.

Moreover, the meeting will advance negotiations on building the China-Japan-ROK Free Trade Zone, Wang added. At present, the three countries' total GDP outnumbers that of the European Union, second only to the North American Free Trade Area.

However, building a mechanism for economic integration is a slow process. The trade volume of China, Japan and ROK within the three-country group only accounts for around 20 percent of their respective total foreign trade.

The China-Japan-ROK Free Trade Zone was first proposed in 2002, and 16 rounds of negotiations have been held since 2013. If talks go well this year, the Free Trade Zone will become a reality and greatly benefit all three countries.

In addition, it is reported that South Korean President Moon Jae-in will meet Japanese Prime Minister Shinzo Abe at this year's trilateral meeting, and the world will be watching to see whether the meeting can ease trade tensions.

Wang predicted that local governments and enterprises are likely to negotiate and sign deals during the meeting, which will serve as another highlight of the event.