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South Korea, China, and Japan held their first economic dialogue in five years on Sunday, seeking to strengthen regional trade ties as they brace for the impact of new tariffs imposed by US President Donald Trump, Reuters reported. The meeting brought together trade ministers from the three Asian export powerhouses, who discussed strategies to mitigate the effects of US tariffs and enhance economic cooperation.
The ministers agreed to “closely cooperate for a comprehensive and high-level” approach to negotiations aimed at advancing a South Korea-Japan-China Free Trade Agreement (FTA). According to a joint statement issued after the talks, the three countries emphasised the importance of promoting “regional and global trade” through such an agreement.
According to the report, South Korean Trade Minister Ahn Duk-geun highlighted the need to “strengthen the implementation of RCEP,” referring to the Regional Comprehensive Economic Partnership, a trade agreement involving 15 Asia-Pacific countries. He also called for the creation of a framework to expand trade cooperation among the three nations, with a particular focus on moving forward with FTA negotiations between Korea, China, and Japan.
The meeting came just days after Trump’s announcement of additional tariffs, including a 25% levy on car imports, a move many fear could disrupt global trade relations. The Trump administration had earlier imposed tariffs on a range of products, and these new measures are expected to further strain relationships with key trade partners like South Korea, China, and Japan, all of whom are major exporters to the US.
The ministers also addressed the potential impact of Trump’s tariffs, particularly on the automotive industry. South Korea and Japan, two of the world’s largest exporters of vehicles, are expected to be significantly affected by the new car tariffs.
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