Taipei, Tokyo and Beijing should shelve their sovereignty dispute over the Senkaku Islands in the East China Sea and engage in a three-way dialogue on resource development near the territory, Taiwanese President Ma Ying-jeou said in an interview Thursday regarding the Japan-controlled islets.

"The East China Sea Peace Initiative is not designed for one single party or two, but for three," Ma said. "A peaceful resolution to the dispute will only benefit us all."

Ma said he would never attempt to start trilateral talks before "bilateral negotiations bear fruit," adding that trilateral talks are currently "unfeasible."