Amid tariff increases by the United States and growing economic fragmentation worldwide, China, Japan and South Korea — three manufacturing powerhouses that depend heavily on foreign trade — are likely to form closer ties to preserve Asia’s economic stability and create a buffer against unilateralism, said trade experts and business leaders on Monday.
The three countries’ trade ministers agreed to “closely cooperate for comprehensive and high-level” talks on a Korea-Japan-China free trade agreement deal to promote “regional and global trade.
The three nations announced on Sunday that they have agreed to accelerate negotiations on their trilateral free trade agreement and enhance cooperation in supply chain management and export controls, according to China’s Ministry of Commerce.
During the 13th meeting of economic and trade ministers from the three countries, which took place in Seoul, South Korea, on Sunday, top trade officials reaffirmed their commitment to strengthening collaboration within regional and multilateral frameworks.
Faced with mounting pressure on the global economy, they convened for their first talks in five years, as tensions rise over impending tariff threats from the United States.
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