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BEIJING, May 14 (Yonhap) -- A long-delayed investment treaty designed to forge closer business ties among South Korea, China and Japan will take effect later this week, China's commerce ministry said Wednesday.
The trilateral treaty, which was signed in May 2012, will be effective from Saturday, the Chinese ministry said in a statement.
South Korea and Japan completed their domestic procedures for the deal in August and December, respectively. China took a similar step last month. In general, such a treaty is aimed at promoting legal stability for investment.
The treaty, the first of its kind among the three economic powerhouses in east Asia, "will provide a more stable and transparent investment environment for the three nations," the ministry said in the statement.
It will also "deepen investment cooperation, and promote economic and trade relations among the three nations," the statement said.
The treaty includes 27 provisions on areas including definition of investment, national treatment, subrogation, taxes, general exceptions and dispute resolution, according to the statement.
Analysts have expected the treaty to help the three nations work toward a full three-way free trade agreement.
South Korea, China and Japan held the fourth round of negotiations aimed at forging a trilateral free trade deal in March, but no major breakthrough was made at a time when Japan's bilateral ties with both South Korea and China have been frayed due to various disputes over their shared history.
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