Trade chiefs of China, Japan, S.Korea discuss 3-way trade cooperation amid tariff war

By Aamir Latif

KARACHI, Pakistan (AA) – The trade chiefs of China, Japan, and South Korea met on Sunday to discuss boosting trade cooperation as US President Donald Trump's tariff war has sent shockwaves worldwide.

Held in the South Korean capital Seoul, it was their first trilateral ministerial meeting in nearly six years, according to Yonhap News.

The 13th Trilateral Economic and Trade Ministers' Meeting was attended by South Korean Industry Minister Ahn Duk-geun, Chinese Commerce Minister Wang Wentao, and Japanese Trade Minister Yoji Muto.

It marked the first time since 2019 that the relevant ministers of the three nations held a trilateral meeting.

In a joint statement released afterwards, the three said they support the "rules-based, open, inclusive, transparent, non-discriminatory multilateral trading system with the WTO (World Trade Organization) at its core."

They also called for reform of the WTO to strengthen its functions, including negotiations, monitoring, deliberation, and dispute resolution, as part of efforts to help the organization better respond to current trade challenges.

The three agreed to speed up negotiations for a proposed trilateral free trade agreement while advancing the Regional Comprehensive Economic Partnership (RCEP).

RCEP, with South Korea, China, and Japan among its members, is one of the world's biggest free trade agreements. The 15-member RCEP accounts for around 30% of the global gross domestic product, population, and trade volume.

Seoul, Beijing, and Tokyo will also work together to strengthen cooperation on carbon-free energy technologies, including renewables, nuclear power, and hydrogen, and advance digital cooperation, they said.

The next trilateral economic and trade ministers' meeting is planned for Japan.