Leaders of South Korea, China and Japan have agreed to increase economic cooperation in a trilateral summit in Seoul.

President Park Geun-hye reached the agreement on Sunday during the summit with Chinese Premier Li Keqiang and Japanese Prime Minister Shinzo Abe at the presidential office.

The three leaders agreed to take the lead to speed up negotiations for a trilateral free trade agreement and the Regional Comprehensive Economic Partnership.

The leaders also agreed to create a unified “digital market” of the three nations, which account for 20 percent of global trade and population.

To that end, the three nations will remove regulations regarding e-commerce, share related information, conduct a joint research and form a task force to pursue the project.

The three leaders also agreed to form a trilateral council to promote cooperation among the three nations’ economic policies in order to seek ways to create jobs for young people and boost economic cooperation.

In addition, the leaders agreed to make joint efforts for the launch of the post-2020 climate regime considering that the three nations take up 30 percent of global emissions of greenhouse gases.