President Yoon: "Revitalize Korea-Japan-China Trade and Investment... Expedite FTA Negotiations" (Comprehensive)

Korea-Japan-China Business Summit Held
Economic Sectors of 3 Countries Adopt Joint Statement
"Continuous Promotion of Economic and Trade Cooperation"

President Yoon Suk-yeol is listening to the remarks of Li Qiang, Premier of the State Council of China, at the 9th Korea-Japan-China Summit held on the 27th at the Blue House State Guesthouse. [Image source=Yonhap News]

President Yoon Suk-yeol said at the 'Business Summit' held after the Korea-Japan-China trilateral summit on the 27th, "We must further activate intra-regional trade and investment among the three countries," and called for the prompt resumption of Korea-Japan-China Free Trade Agreement (FTA) negotiations.

On the afternoon of the same day, President Yoon held the 8th Korea-Japan-China Business Summit at the International Conference Hall of the Korea Chamber of Commerce and Industry in Jung-gu, Seoul, attended by Japanese Prime Minister Fumio Kishida and Chinese Premier Li Qiang. The event was jointly hosted by the Korea Chamber of Commerce and Industry, the Japan Business Federation, and the China Council for the Promotion of International Trade.

In his keynote speech, President Yoon stated, "While increasing the utilization of the Regional Comprehensive Economic Partnership (RCEP), a trade and investment platform among the three countries, we must promptly resume the Korea-Japan-China FTA negotiations, which have been suspended since 2019, to upgrade the foundation of economic cooperation," adding, "Above all, corporate investment is the safety net of trilateral relations."

He continued, "The three governments must work together to create a predictable and trustworthy business environment for foreign investors," and emphasized, "In line with these government efforts, I hope business leaders will actively engage in investment."

President Yoon mentioned that the three countries should jointly respond to global issues beyond Northeast Asia, citing the climate crisis. He explained that the three countries, which possess strengths in zero-carbon energy such as nuclear power, hydrogen, and carbon capture, utilization, and storage, should join forces to overcome the global climate crisis and lead sustainable development.

To this end, President Yoon said that the Zero-Carbon Energy Alliance, launched in Korea last October, would be a good platform for achieving carbon neutrality and urged Korea-Japan-China companies to actively participate.

President Yoon also said, "Cooperation for inclusive and shared growth must be strengthened," and added, "Next month, we plan to hold the Korea-Africa Summit to discuss economic cooperation measures tailored to the needs of countries requiring assistance." He emphasized that the three countries should cooperate with the 'Global South' using their respective growth know-how to realize humanity and universal values.

President Yoon Suk-yeol is attending the 9th Korea-China-Japan Summit held at the Blue House State Guest House on the 27th, listening to remarks by Li Qiang, Premier of the State Council of China. [Image source=Yonhap News]

Prime Minister Kishida also said on the day, "In the three countries of Japan, Korea, and China, which have deep relations in both trade and investment, we will sincerely exchange views on a future-oriented FTA, including high-level disciplines, aiming for an RCEP-plus agreement."

He added, "The three governments will strive to secure a free and fair business foundation," and explained, "Cooperation among the three countries to expand business opportunities in new frontiers such as artificial intelligence (AI) is also important."

Premier Li also emphasized, "Economic cooperation is a solid foundation of trilateral cooperation among China, Korea, and Japan," and said, "Many entrepreneurs play an important role in promoting economic and trade cooperation and exchanges among the three countries in various fields."

Premier Li stated, "We must grasp the trend of economic globalization well, deepen industrial cooperation, improve the level of comprehensive connectivity and the efficiency of factor allocation," and added, "We should make good use of the foundation of the China International Supply Chain Promotion Expo to become guardians of industrial and supply chains."

He continued, "We must grasp the trend of global science, technology, and industrial revolution well, jointly overcome difficulties in research and development (R&D), and promote technological progress and industrial competitiveness, thereby becoming promoters of innovation cooperation."

President Yoon Suk-yeol shakes hands with Japanese Prime Minister Fumio Kishida after concluding remarks at the joint press conference of the 9th Korea-Japan-China Summit held at the Blue House's Yeongbingwan on the 27th.
[Photo by Yonhap News]

The Korea-Japan-China Business Summit began in 2009 and marked its 8th session this year. It was held for the first time in 4 years and 5 months since December 2019 in Chengdu, China. The summit is a venue where key figures from the governments and business sectors of the three countries gather to discuss economic cooperation and friendship enhancement among the three countries.

About 240 people attended the event, including Chaebol Chairman Chey Tae-won of the Korea Chamber of Commerce and Industry, Masakazu Tokura, Chairman of the Japan Business Federation, and Ren Hongbin, Chairman of the China Council for the Promotion of International Trade, along with businesspeople from the three countries.

Chairman Chey said, "Recently, the economies of the three countries have completely recovered from the impact of the pandemic and resumed growth," adding, "The business community selected 'economic revitalization and sustainable development' as the theme of this forum and discussed private-sector cooperation in areas such as digital transformation, education revitalization, green transition, and supply chain cooperation."

Chairman Chey added, "The business communities of the three countries, including the Korea Chamber of Commerce and Industry, adopted a joint statement summarizing private economic cooperation measures and pledged to implement them going forward," and said, "The business communities of the three countries will continue to strive to ensure that the Business Summit serves as a hub for economic cooperation."

Chairman Ren also stated, "The business communities of the three countries have formed a working-level consultative body and agreed to jointly identify business cooperation and current issues through regular meetings."

He further explained, "Going forward, the China Council for the Promotion of International Trade will report on continuously promoting economic and trade cooperation by implementing the outcomes of the summit and the joint declaration of the Business Summit together with related organizations in Japan and Korea."