China, South Korea and Japan agree to strengthen free trade

SEOUL – South Korea, China and Japan held their first economic dialogue in five years on March 30, seeking to facilitate regional trade as the three Asian export powers brace themselves for US President Donald Trump’s tariffs.

The three countries’ trade ministers agreed to “closely cooperate for comprehensive and high-level” talks on a South Korea-Japan-China free trade agreement (FTA) deal to promote “regional and global trade”, according to a statement released after the meeting.

South Korean Trade Minister Ahn Duk-geun, referring to the Regional Comprehensive Economic Partnership (RCEP), said: “It is necessary to strengthen the implementation of RCEP, in which all three countries have participated, and to create a framework for expanding trade cooperation among the three countries through Korea-China-Japan FTA negotiations.”

The ministers met ahead of Mr Trump’s

announcement on March 26 of more tariffs

in what he calls “liberation day”, as he upends Washington’s trading partnerships.

Seoul, Beijing and Tokyo are major US trading partners, although they have been at loggerheads among themselves over issues, including territorial disputes and Japan’s release of wastewater from the wrecked Fukushima nuclear power plant.

They have not made substantial progress on a trilateral free-trade deal since starting talks in 2012.

The RCEP, which went into force in 2022, is a trade framework among 15 Asia-Pacific countries aimed at lowering trade barriers.

Mr Trump announced 25 per cent import tariffs on cars and auto parts last week, a move that may hurt companies – especially Asian automakers, which are among the largest vehicle exporters to the US.

After Mexico, South Korea is the

world’s largest exporter of vehicles

to the US, followed by Japan, according to data from S&P Global.

The ministers agreed to hold their next ministerial meeting in Japan. REUTERS