China, Japan and South Korea agreed to stimulate commercial cooperation at a meeting in Seoul held on Sunday.
The meeting was followed by the South Korean Minister of Industry Ahn Duk-Geun, his Japanese counterpart Yoji Muto and the Chinese Minister of Trade Wang Wentao.
Trump’s imminent prices threat
The three Asian countries have met for their first economic dialogue in five years, aimed at improving free trade in the region with regard to the trade rates of US President Donald Trump.
Trump promised to receive more prices, which he should announce on Wednesday, the appellant “Liberation Day”.
China, Japan and South Korea depend strongly on commercial partnerships with the United States, even if the relations between the three countries have remained tense.
Disagreements on territorial problems have prevented the three Asian export powers from making significant progress on a trilateral free trade agreement since the start of talks in 2012.
Last week, Trump announced 25% of prices on imports of automotive and automotive parts – a decision that will have an impact on Asian exporters, which are among the largest car exporters in the United States.
What was decided during the meeting?
The three countries’ trade ministers agreed to “cooperate closely for a complete and high-level agreement” on a free trade agreement in South-Japan-China to promote “regional and global trade”, according to a statement published after the meeting.
“It is necessary to strengthen the implementation of RCEP, in which the three countries participated and to create a framework to extend commercial cooperation between the three countries through negotiations of the Ale Corée-Chine-Japonais,” said South Korean Minister Ahn Duk-Geun, referring to the full regional economic partnership.
The three countries have agreed to create “a predictable commercial and investment environment,” said a joint declaration.
The AHN of South Korea said that the three countries were to respond “jointly” to shared global challenges.
“Today’s economic and commercial environment is marked by an increasing fragmentation of the global economy,” he said.
The trio agreed to hold its next ministerial meeting in Japan.
Edited by Sean Sinico
