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South Korea, China, and Japan strengthen regional trade cooperation amid U.S. tariffs
South Korea, China, and Japan held their first economic dialogue in five years on Sunday, aiming to boost regional trade amid the looming threat of U.S. President Donald Trump's tariffs. During the meeting, the three nations' trade ministers agreed to collaborate closely on high-level discussions for a potential South Korea-Japan-China free trade agreement (FTA) to enhance both regional and global trade.
South Korea's Trade Minister, Ahn Duk-geun, emphasized the need to strengthen the implementation of the Regional Comprehensive Economic Partnership (RCEP), in which all three countries participate. He also called for creating a framework for expanded trade cooperation through FTA negotiations between the three countries.
This dialogue took place just before Trump’s expected announcement of new tariffs, which he has dubbed "liberation day." The move, which is expected to disrupt global trade, is particularly concerning for the three Asian economies, all of which are major U.S. trading partners. Despite ongoing disputes, including territorial issues and Japan’s decision to release Fukushima plant wastewater, progress on a trilateral FTA has remained slow since negotiations began in 2012.
The RCEP, which came into force in 2022, seeks to reduce trade barriers across 15 Asia-Pacific nations. Trump’s recent 25% import tariffs on cars and auto parts could have a significant impact, particularly on Asian automakers, many of which are major vehicle exporters to the U.S.
