Korea, Japan, and China Strengthen Multilateral Trade and Supply Chain Cooperation... FTA Negotiations Also Relaunched

South Korea, Japan, and China Agree to Resume FTA Talks
and Strengthen Supply Chain and Industrial Cooperation

The governments of South Korea, Japan, and China have agreed to resume negotiations for a comprehensive and high-level Korea-Japan-China Free Trade Agreement (FTA) and to strengthen supply chain stability as well as industrial and energy cooperation.

On the 30th, An Deok-geun, Minister of Trade, Industry and Energy of South Korea, Muto Yoji, Minister of Economy, Trade and Industry of Japan, and Wang Wentao, Vice Minister of Commerce of China, reached this agreement at the 13th Korea-Japan-China Economic and Trade Ministers' Meeting held at the Korea Chamber of Commerce and Industry in Seoul.

This meeting was held for the first time in six years since December 2019 in Beijing, China, and for the first time in Seoul in ten years. Lee Hee-seop, Secretary-General of the TCS (Trilateral Cooperation Secretariat), responsible for trilateral cooperation among the three countries, also attended.

The three countries agreed to cooperate in resuming negotiations for a comprehensive and high-level Korea-Japan-China FTA, jointly respond to strengthening the multilateral trading system including WTO reform and new accession to RCEP (Regional Comprehensive Economic Partnership), and enhance cooperation for the success of international events such as the '2025 Osaka-Kansai EXPO' and APEC.

They also set key tasks including creating a predictable business environment, stabilizing supply chains, strengthening communication related to export controls, and industrial and energy cooperation for green and digital transitions, and agreed to collaborate on these. Additionally, they agreed to actively promote regional cooperation such as the 23rd Yellow Sea Economic and Technological Exchange Conference scheduled to be held in Daejeon this November.

Minister An emphasized, "While strengthening the implementation of RCEP, which includes all three countries, we must create a framework through Korea-Japan-China FTA negotiations that can expand trade and cooperation among the three countries."

He added, "The current economic and trade environment is accelerating fragmentation of the global economy, the emergence of new technologies such as AI (artificial intelligence), and green digital transitions. In response, we need to expand cooperation in carbon-neutral transitions and the digital economy, and strengthen supply chain cooperation in various fields including critical minerals."

Vice Minister Wang also stated, "The trade system is under great pressure and uncertainty is increasing due to the spread of unilateralism and protectionism. The three countries must take responsibility for regional and global trade development, protect the multilateral trading system, and promote regional economic integration to inject momentum into the global economy."

Minister Muto said, "The direction of the trilateral FTA is important not only in terms of market access but also whether it can be a higher-level agreement. Japan hopes to continue frank discussions and address concerns between Korea-Japan and Japan-China in accordance with the joint declaration adopted at the trilateral summit."

The next Korea-Japan-China Economic and Trade Ministers' Meeting is scheduled to be held in Japan, the next chair country, in conjunction with the 10th Korea-Japan-China Summit, according to a schedule agreed upon by the three countries.