Japan, China, S. Korea agree to promote free trade

In a joint statement adopted at their meeting in Seoul, the ministers said, "We support the rules-based, open, inclusive, transparent and nondiscriminatory multilateral trading system with the World Trade Organization at its core."

"We will continue to work to ensure a global level playing field to foster a free, open, fair, nondiscriminatory, transparent, inclusive and predictable trade and investment environment," they added.

The economy and trade ministers meeting among the three East Asian nations, the first in about five and a half years, came amid growing uncertainties over the global economy due to the high tariff policy of the administration of US President Donald Trump.

The meeting was participated by Japanese Minister of Economy, Trade and Industry Yoji Muto, Chinese Commerce Minister Wang Wentao and South Korean Minister of Trade, Industry and Energy Ahn Duk geun.

The three countries together account for more than 20 % of the world's gross domestic product and global trade.

The statement also called for speeding up negotiations on concluding a free trade agreement among Japan, China and South Korea while highlighting the importance of "the transparent, smooth and effective implementation" of the Regional Comprehensive Economic Partnership agreement, of which the three countries are members.

"It is important to maintain and strengthen the rules-based international economy through the WTO and economic agreements" at a time when the international environment is increasingly unstable, Muto said at the meeting.

While stopping short of naming the Trump administration, Wang cited growing uncertainty in the global economy due to the rise of protectionism and said that free trade and the integration of regional economies should be expedited.

Ahn called for creating a framework for expanding trade cooperation among Japan, China and South Korea by strengthening the implementation of the RCEP agreement and through FTA negotiations.

The Trump administration's decision to impose 25 % tariffs on all imported vehicles from Thursday has raised concerns about the impact on automakers around the world.

At a press conference, Muto said that the US tariff policy was not on the agenda of the three-way meeting but was discussed in bilateral talks.

At the tripartite meeting, the ministers also affirmed cooperation for the success of the 2025 World Exposition, set to be held on an artificial island in the western Japan city of Osaka for six months from mid-April, as well as for the Asia-Pacific Economic Cooperation forum summit in South Korea this autumn and the APEC summit in China in 2026.

The next economy and trade ministers meeting will be held in Japan. At a bilateral meeting with Wang in Seoul the same day, Muto strongly called on China to resume imports of fisheries products from Japan at an early date.

The import ban was introduced immediately after Tokyo Electric Power Company Holdings Inc. started in August 2023 to release treated water containing tritium, a radioactive substance, into the ocean from its disaster-crippled Fukushima No. 1 nuclear power plant in northeastern Japan.

Muto also asked China to improve its business environment and ensure the safety of Japanese nationals in the country.

The Japanese minister also urged Beijing to take corrective steps regarding its export control measures and overproduction of steel and automobiles. Muto and Wang agreed to keep in close contact with each other.

In a separate bilateral meeting, Muto and Ahn exchanged opinions over their countries' responses to the US tariff policy while agreeing to join forces in the field of energy.

They also confirmed cooperation for the Osaka Expo and the upcoming APEC summit in the city of Gyeongju in the southeastern part of South Korea.

This year marks the 60th anniversary of diplomatic normalization between Japan and South Korea.

Muto told reporters that Japan and South Korea have common challenges in the energy and automobile sectors. Muto said he and Ahn discussed thoroughly promoting free trade by exchanging information, although the situation is tough.

[Copyright The Jiji Press, Ltd.]

Photo by Reuters