Agreement to Promote Korea-China-Japan FTA Cooperation
Strengthening Communication on Supply Chains and Export Controls
Ministers of Economy and Trade from Korea, China, and Japan agreed to expand economic and trade cooperation after more than five years.
The Ministry of Trade, Industry and Energy announced that Minister An Deok-geun of Korea, Minister Wang Wentao of China’s Ministry of Commerce, and Minister Muto Yoji of Japan’s Ministry of Economy, Trade and Industry held the 13th Korea-China-Japan Economic and Trade Ministers' Meeting on the 30th at the International Conference Hall of the Korea Chamber of Commerce and Industry in Seoul.
The three ministers reaffirmed their consensus on the necessity of trilateral cooperation for regional and global economic prosperity and stability, and agreed to continuously expand cooperation in the economic and trade sectors.
The three countries agreed to closely cooperate on issues related to the multilateral trade system, including World Trade Organization (WTO) reform and new membership in the Regional Comprehensive Economic Partnership (RCEP), as well as to promote a comprehensive and "high-level" Korea-China-Japan Free Trade Agreement (FTA).
Currently, only Korea and China have an FTA in Northeast Asia. Although the three countries have discussed establishing a trilateral Korea-China-Japan FTA, significant progress has not been made due to differing circumstances in each country.
The three ministers also agreed to closely cooperate on agendas such as creating a predictable business environment, stabilizing supply chains, strengthening communication on export controls, and enhancing industrial and energy cooperation to achieve a green and digital economy.
The next Korea-China-Japan Economic and Trade Ministers' Meeting will be held in Japan, the next chair country, in conjunction with the 10th Korea-China-Japan Summit according to the agreed schedule.
In his opening remarks, Minister An said, "It is highly significant not only for the three countries but also for the international community that the economic and trade ministers of the three countries met amid rapidly changing global economic and trade environments," adding, "It is necessary to create a stable global trade and investment environment through trilateral cooperation based on mutual respect and trust."
Minister Muto also stated, "The international environment surrounding us changes daily, and instability is increasing," emphasizing, "In such circumstances, it is important to maintain and strengthen a rules-based international economic order through the WTO and economic partnership agreements."
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