South Korea, China, Japan to promote regional trade

SEOUL: South Korea, China and Japan held their first economic dialogue in five years on Sunday, seeking to facilitate regional trade as the three Asian export powers brace for U.S. President Donald Trump’s tariffs.

The countries’ three trade ministers agreed to “closely cooperate for a comprehensive and high-level” talks on a South Korea-Japan-China free trade agreement deal to promote “regional and global trade”, according to a statement released after the meeting.

“It is necessary to strengthen the implementation of RCEP, in which all three countries have participated, and to create a framework for expanding trade cooperation among the three countries through Korea-China-Japan FTA negotiations,” said South Korean Trade Minister Ahn Duk-Geun, referring to the Regional Comprehensive Economic Partnership.

The ministers met ahead of Trump’s announcement on Wednesday of more tariffs in what he calls “liberation day”, as he upends Washington’s trading partnerships.

Seoul, Beijing and Tokyo are major U.S. trading partners, although they have been at loggerheads among themselves over issues including territorial disputes and Japan’s release of wastewater from the wrecked Fukushima nuclear power plant. They have not made substantial progress on a trilateral free-trade deal since starting talks in 2012. RCEP, which went into force in 2022, is a trade framework among 15 Asia-Pacific countries aimed at lowering trade barriers.

Trump announced 25% import tariffs on cars and auto parts last week, a move that may hurt companies, especially Asian automakers, which are among the largest vehicle exporters to the U.S. After Mexico, South Korea is the world’s largest exporter of vehicles to the United States, followed by Japan, according to data from S&P. The ministers agreed to hold their next ministerial meeting in Japan.