The countries' three trade ministers agreed to collaborate closely on initiating comprehensive and high-level discussions for a potential South Korea-Japan-China free trade agreement to boost regional and global trade.
South Korean Trade Minister Ahn Duk-Geun emphasized the need to reinforce the Regional Comprehensive Economic Partnership (RCEP) and establish a framework for expanding trade cooperation among the three countries through Korea-China-Japan FTA negotiations.
The meeting took place before Trump's tariff announcement on what he referred to as "Liberation day," disrupting Washington's trade relationships.
Seoul, Beijing, and Tokyo, as key U.S. trading partners, have had disagreements among themselves, including territorial disputes and Japan's release of Fukushima nuclear plant wastewater.
Progress on a trilateral free-trade deal since the start of talks in 2012 has been limited.
RCEP, effective since 2022, aims to reduce trade barriers among 15 Asia-Pacific nations.
Trump's recent declaration of 25% import tariffs on cars and auto parts may impact companies, particularly Asian automakers, major exporters of vehicles to the U.S. South Korea, followed by Japan, ranks as the world's second-largest exporter of vehicles to the United States, according to S&P data.
The ministers agreed to convene their next ministerial meeting in Japan.
A brave new world arises: South Korea, China, Japan agree to promote regional trade as Trump tariffs loom
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