For the first time in five years, China, South Korea, and Japan had economic talks on Sunday with the objective of boosting regional trade and responding to the effect of US tariffs that were imposed by President Donald Trump.
In a communique issued after the meeting, the three countries’ trade ministers agreed to “closely cooperate” to push forward negotiations on a free trade agreement (FTA) that would promote both regional and world trade.
South Korea’s Trade Minister Ahn Duk-geun urged more robust economic connections, adding, “It is necessary to hasten the pursuit of the Regional Comprehensive Economic Partnership (RCEP), where all three countries are a member, and make a framework to pursue broadened trade cooperation via Korea-China-Japan FTA talks.”
The session occurred only days ahead of Trump’s planned announcement of further tariffs, so-called “liberation day,” which will likely drastically change US trade relations. Trump last week proposed a 25% tariff on car and auto part imports, a step that could have a devastating effect on Asian carmakers, which are among the biggest sellers of vehicles to the United States.
The three countries, which share common economic interests, have nonetheless experienced diplomatic wrangles such as disagreements on their territorial claims as well as the contentious Japanese disposal of contaminated waters from the impaired Fukushima nuclear reactor. A free trade agreement within a trilateral framework has been under negotiations since 2012 but so far has made limited progress.
RCEP, which became effective in 2022, seeks to lower trade barriers between 15 Asia-Pacific nations. South Korea, the world’s second-largest vehicle exporter to the US after Mexico, is most exposed to Trump’s new tariffs
The three nations agreed to resume talks, with the next ministerial meeting scheduled to be held in Japan.
