SEOUL, South Korea: China, South Korea, and Japan have agreed to strengthen free trade cooperation, vowing to accelerate talks on a trilateral free trade agreement and enhance economic collaboration, amid increasing concerns over new tariffs imposed by US President Donald Trump.
The agreement was reached during a ministerial-level meeting held in Seoul on Sunday—the first such gathering in nearly six years.
The meeting was attended by South Korean Industry Minister Ahn Duk-geun, Japanese Trade Minister Yoji Muto, and Chinese Commerce Minister Wang Wentao.
Push for stronger trade ties
In a joint statement released after the meeting, the three countries reaffirmed their support for a “rules-based, open, inclusive, transparent, and non-discriminatory multilateral trading system” with the World Trade Organisation (WTO) at its core.
The ministers also pledged to speed up negotiations on a comprehensive trilateral free trade agreement, while advancing the Regional Comprehensive Economic Partnership (RCEP), a major trade pact that includes all three nations.
The RCEP, covering 15 economies, accounts for approximately 30% of global GDP, population, and trade volume.
South Korean Industry Minister Ahn Duk-geun emphasised the need for a joint response to shared global economic challenges, particularly in light of increasing fragmentation in the global trade environment.
“Today’s economic and trade environment is marked by increasing fragmentation of the global economy,” Ahn said, as reported by Yonhap News Agency.
US tariff concerns loom large
The meeting took place just days ahead of the Trump administration’s latest wave of tariffs, which are set to take effect on Wednesday.
Trump has promised 25% tariffs on automobile and auto parts imports, a move expected to significantly impact major Asian exporters, including Japan and South Korea.
Japanese trade official Yasuji Komiyama, speaking at a press briefing, warned of growing global economic uncertainties, while Chinese trade official Wang Liping described the spread of unilateralism and protectionism as major challenges that require a coordinated response.
Trump has called the upcoming tariffs “liberation day” and has hinted at flexibility in their implementation, though details remain unclear.
Trade reforms and energy cooperation
Alongside trade negotiations, the three countries agreed to push for WTO reforms aimed at strengthening dispute resolution, monitoring, and negotiations within the organisation.
Furthermore, China, Japan, and South Korea pledged to collaborate on clean energy technologies, including renewable energy, nuclear power, and hydrogen, as part of their commitment to carbon-free energy solutions.
The ministers agreed to hold their next trilateral economic and trade meeting in Japan.
