South Korea held an economic ministers’ meeting with China and Japan on Sunday to discuss cooperation, including resuming negotiations about a trilateral free trade agreement (FTA), said South Korea’s Ministry of Trade, Industry and Energy (MOTIE).
It marked the first time that the economic ministers of the three countries to sit down to discuss policy cooperation since December 2019 in Beijing. The meeting was also a follow-up gathering to the trilateral summit by their heads of state in May 2024 in Seoul.
“The three countries agreed to closely cooperate toward a comprehensive and high-level FTA among South Korea, Japan and China, as well as on issues related to multilateral trade systems, including the expansion of the RCEP membership and the WTO reform,” the MOTIE said in a statement.
The RCEP, or the Regional Comprehensive Economic Partnership, is a free trade agreement among the Asia-Pacific countries, including Australia.
Their meeting took place as Washington is set to impose 25% tariffs on foreign-made cars and car components starting on April 2.
They discussed strengthening communications to build a predictable business environment, stabilize supply chains and respond to export controls.
“They held in-depth talks on global trade agenda with a focus on cooperation in the industrial and energy sectors,” the MOTIE added.
SYMBOLIC GESTURE?
The meeting was attended by Ahn Duk-geun, South Korean minister of trade, industry and energy; Muto Yoji, Japanese minister of economy, trade and industry; and Wang Wentao, Chinese commerce minister.
Some analysts expressed skepticism about the meeting. They say it will remain largely symbolic, given concerns that working with China may not support trade negotiations with the Trump administration.
The three-way FTA negotiations have made little progress since they began talks in 2013.
At the meeting, Chinese commerce minister Wang criticized the US unilateral tariff measures, which he said would undermine normal economic and trade cooperation between the two countries.
However, his Japanese and South Korean counterparts did not give immediate response to his remarks.
By Ji-Eun Ha
hazzys@hankyung.com
Yeonhee Kim edited this article.
