Seoul, March 30 (IANS) The top trade officials of South Korea, China and Japan on Sunday discussed bolstering trade cooperation among the three countries in their first trilateral ministerial meeting in six years, held amid growing protectionism and tensions in the global trade market.
The 13th Trilateral Economic and Trade Ministers’ Meeting among the Republic of Korea, Japan and the People’s Republic of China took place in Seoul, involving South Korean Industry Minister Ahn Duk-geun, Chinese Commerce Minister Wang Wentao and Japanese Trade Minister Yoji Muto, reports Yonhap news agency.
It marked the first time since December 2019 that the industry ministers of the three nations held a trilateral meeting, as well as the first such meeting taking place in Seoul in 10 years. The 2019 meeting was held in Beijing. Sunday’s meeting was a follow-up to the summit of the three countries’ leaders held in Seoul last year.
“Amid the rapidly changing global economic and trade environment, the meeting of the three countries’ trade ministers for the first time in six years carries significant resonance not only for the three nations but also for the international community,” Ahn said in his opening remarks.
He called for efforts to create a “stable” environment for global trade by restoring the role of the World Trade Organisation (WTO).
Ahn also urged the three countries to join hands to respond to current issues in the global trade market, such as the rise of new technologies, including artificial intelligence (AI), digital transformation of economies and supply chain cooperation on critical minerals.
In a joint statement released after the meeting, the three ministers said they support the “rules-based, open, inclusive, transparent, non-discriminatory multilateral trading system with the WTO at its core.”
The ministers called for the reform of the WTO to strengthen its functions, including negotiations, monitoring, deliberation and dispute settlement, as part of efforts to help the organisation better respond to current trade challenges.
In Sunday’s meeting, the three ministers agreed to speed up negotiations for the proposed trilateral free trade agreement (FTA) to realize a high-quality and mutually beneficial FTA while advancing the regional comprehensive economic partnership (RCEP), the joint statement read.
RCEP is one of the world’s biggest free trade agreements, which South Korea, China and Japan have signed. The 15 member nations of RCEP account for around 30 percent of the global gross domestic product, population and trade volume.
Ahn, Wentao and Muto also agreed to boost cooperation on creating a “predictable” and “reliable” business environment to foster “free, open, fair, non-discriminatory and transparent” trade in the region, and exchanged opinions on measures to stabilize supply chains and export control issues, according to the statement.
To foster sustainable growth, Seoul, Beijing and Tokyo will work together to strengthen cooperation on carbon-free energy technologies, including renewables, nuclear power and hydrogen, and advance digital cooperation, they said.
The ministers also discussed bolstering cooperation for the successful hosting of the Osaka Expo, set to kick off next month in Japan, and the upcoming Asia-Pacific Economic Cooperation (APEC) summit to be held in South Korea’s southeastern city of Gyeongju in November and in China next year.
On the sidelines of the three-way meeting, Ahn was also scheduled to hold bilateral talks with Muto later in the day, following his one-on-one meeting with Wentao on Saturday.
The next trilateral economic and trade ministers’ meeting of South Korea, China and Japan will be held in Japan.
—IANS
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