Seoul: The top trade officials from South Korea, China, and Japan convened on Sunday for the 13th Trilateral Economic and Trade Ministers' Meeting, marking their first such gathering in six years. This meeting comes against the backdrop of increasing protectionism and global trade tensions.
According to Yonhap News Agency, the meeting was attended by South Korean Industry Minister Ahn Duk-geun, Chinese Commerce Minister Wang Wentao, and Japanese Trade Minister Yoji Muto in Seoul. This was the first ministerial meeting of its kind in Seoul in a decade, following the last session held in Beijing in December 2019. The meeting served as a continuation of the trilateral summit that took place in Seoul last year.
Minister Ahn emphasized the significance of the meeting in his opening remarks, highlighting the need for a stable global trade environment and calling for the restoration of the World Trade Organization's (WTO) role. He urged the three countries to address current global trade issues, such as the rise of new technologies, digital economic transformation, and supply chain cooperation on critical minerals.
The timing of the meeting drew considerable attention, occurring just days before the Trump administration in the U.S. plans to announce reciprocal tariffs. South Korea, China, and Japan are anticipated to be included in the administration's list of countries subject to these tariffs, with China being the largest contributor to the U.S. trade deficit last year, and Japan and South Korea ranking seventh and eighth, respectively.
In a joint statement, the ministers expressed support for a "rules-based, open, inclusive, transparent, non-discriminatory multilateral trading system" with the WTO at its center. They called for WTO reforms to enhance its functions, including negotiations, monitoring, deliberation, and dispute resolution.
Wang Liping, director general of the Asian affairs department at China's commerce ministry, emphasized the importance of opposing protectionist trade policies and protecting the multilateral trade system. He reiterated China's willingness to collaborate with South Korea and Japan to address new global economic challenges.
An anonymous official from Seoul's industry ministry noted that the meeting indicated the three countries were not proponents of trade protectionism. Minister Ahn commented on the increased uncertainties in the global trade market due to protectionist policies of major economies.
The ministers agreed to expedite negotiations for the proposed trilateral free trade agreement (FTA) to establish a high-quality, mutually beneficial agreement and to advance the regional comprehensive economic partnership (RCEP). RCEP, signed by South Korea, China, and Japan, is one of the world's largest free trade agreements, involving 15 member nations accounting for roughly 30% of global GDP, population, and trade volume.
Further, the ministers committed to enhancing cooperation on creating a predictable and reliable business environment, fostering free and fair trade, and stabilizing supply chains. They also discussed cooperation on carbon-free energy technologies and digital advancement.
Additionally, discussions included cooperation for hosting the Osaka Expo next month in Japan and the upcoming Asia-Pacific Economic Cooperation (APEC) summit in South Korea's Gyeongju in November and in China next year.
Minister Ahn also planned bilateral talks with Japanese Minister Muto following a separate meeting with Chinese Minister Wentao. The next trilateral economic and trade ministers' meeting is scheduled to take place in Japan.