Synopsis
On March 30, top trade officials from South Korea, China, and Japan convened in Seoul for their first trilateral meeting in six years, aiming to strengthen trade cooperation amidst increasing global market tensions and protectionism.Key Takeaways
- First trilateral meeting in six years.
- Focus on restoring WTO's role in global trade.
- Agreement to expedite trilateral free trade agreement negotiations.
- Commitment to sustainable growth and digital cooperation.
- Strengthening cooperation for upcoming Osaka Expo.
Seoul, March 30 (NationPress) The leading trade representatives of South Korea, China, and Japan convened on Sunday to discuss enhancing trade collaboration among the three nations during their inaugural trilateral ministerial meeting in six years, held against a backdrop of increasing protectionism and global trade tensions.
The 13th Trilateral Economic and Trade Ministers' Meeting took place in Seoul, featuring South Korean Industry Minister Ahn Duk-geun, Chinese Commerce Minister Wang Wentao, and Japanese Trade Minister Yoji Muto, as reported by Yonhap news agency.
This was the first gathering of the industry ministers from the three countries since December 2019, and notably, it was the first meeting hosted in Seoul in a decade. The last meeting occurred in Beijing. Sunday’s discussions were a follow-up to the leaders' summit of the three nations held in Seoul last year.
“In light of the swiftly evolving global economic and trade landscape, this meeting of the three countries’ trade ministers holds significant importance not only for our nations but also for the broader global community,” Ahn stated in his opening remarks.
He emphasized the need to establish a stable environment for global trade by reaffirming the role of the World Trade Organisation (WTO).
Ahn also called for collaboration among the three countries to address current challenges in the global trade arena, including the emergence of new technologies like artificial intelligence (AI), the digital transformation of economies, and cooperation in the supply chains of critical minerals.
In a joint statement released post-meeting, the ministers affirmed their support for a rules-based, open, inclusive, transparent, and non-discriminatory multilateral trading system, with the WTO at its center.
The ministers advocated for reforms to the WTO to enhance its functions, including negotiation, monitoring, deliberation, and dispute resolution, to better address the current trade challenges.
During the meeting, the three ministers agreed to accelerate discussions regarding the proposed trilateral free trade agreement (FTA) to achieve a high-quality, mutually beneficial agreement while furthering the regional Comprehensive Economic Partnership (RCEP), according to the joint statement.
RCEP stands as one of the largest free trade agreements globally, signed by South Korea, China, and Japan. The 15 member nations of RCEP account for approximately 30% of the global gross domestic product, population, and trade volume.
Ahn, Wentao, and Muto also committed to enhancing cooperation in establishing a predictable and reliable business environment to nurture free, open, fair, non-discriminatory, and transparent trade in the region. They exchanged views on stabilizing supply chains and addressing export control issues, as stated in the report.
To promote sustainable growth, Seoul, Beijing, and Tokyo will collaborate to bolster cooperation in carbon-free energy technologies, including renewables, nuclear power, and hydrogen, while advancing digital collaboration.
The ministers also discussed strengthening cooperation for the successful hosting of the Osaka Expo, scheduled to begin next month in Japan, and the upcoming Asia-Pacific Economic Cooperation (APEC) summit to be held in Gyeongju, South Korea, in November and in China the following year.
On the margins of the trilateral meeting, Ahn was also expected to engage in bilateral discussions with Muto later in the day, following his one-on-one meeting with Wentao on Saturday.
The next trilateral economic and trade ministers' meeting of South Korea, China, and Japan will be hosted in Japan.
