South Korea, Japan and China will work together for the development of small drones and their markets, a local industry group said Sunday.

A three-way agreement to this end was signed earlier Sunday on the sidelines of the ongoing 2016 Shenzhen International UAV Expo in the Chinese city, according to the Korea Drone Industry Promotion Association.

Under the agreement, the three countries will work to standardize drone parts and technologies, a move that will ensure joint development of their respective industries and markets.

They will also seek to boost information exchanges through international conferences with an inaugural meeting to be held in Seoul in September, the association said in a press release.

"The agreement will allow the three countries to help one another in developing their drone industries," it added. "It will also mark the starting point of the three countries becoming global leaders in the fast-growing drone industry." (Yonhap)