The recent meeting between trade ministers from China, Japan, and South Korea has marked a significant step towards strengthening regional trade cooperation in the face of US tariffs. The three nations have agreed to coordinate their response to US tariffs, enhance supply chain cooperation, and hold further discussions on export controls.
China is interested in purchasing chip products from Japan and South Korea, while the two countries are looking to import raw semiconductor materials from Beijing. This highlights the importance of regional trade agreements in addressing global supply chain issues.
The agreement also aims to promote regional and global trade through a South Korea-Japan-China free trade agreement. This is in line with the 2022 agreement aimed at reducing trade barriers among 15 Asia-Pacific countries.
The joint effort by China, Japan, and South Korea demonstrates their commitment to regional trade cooperation in the face of global economic uncertainty. By coordinating their response to US tariffs and enhancing supply chain cooperation, these countries are taking steps towards maintaining stability and predictability in commerce.
South Korean Trade Minister Ahn Duk-geun emphasized the need for stronger implementation of the Regional Comprehensive Economic Partnership (RCEP) and a framework for expanding trade cooperation among the three countries. Japan's Muto expressed hope for continued exchanges and cooperation despite past tensions over forced labor during Japan's occupation of the Korean peninsula.
The meeting comes ahead of US President Trump's announcement of more tariffs, which may impact companies in these countries that have significant vehicle exports to the US.