Ace Breaking News – China, Japan, and South Korea to strengthen free trade

Top officials of China, Japan and South Korea held their first trade talks in five years amid US President Donald Trump’s looming tariff threat. The ministers agreed to hold their next ministerial meeting in Japan

China, Japan and South Korea agreed to boost trade cooperation in a meeting in Seoul held on Sunday.

The meeting was attended by South Korean Industry Minister Ahn Duk-geun, his Japanese counterpart Yoji Muto, and Chinese Commerce Minister Wang Wentao.

Threat of Trump’s looming tariffs

The three Asian countries met for their first economic dialogue in five years, aiming to improve free trade in the region amid concern over US President Donald Trump’s trade tariffs.

Trump has promised to levy more tariffs, which he is due to announce on Wednesday, calling it “liberation day.”

China, Japan and South Korea have heavily depended on trade partnerships with the US, even though the relations between the three countries have remained tense.

Disagreements over territorial issues have prevented the three Asian exporting powers from making any significant progress on a trilateral free-trade deal since starting talks in 2012.

Last week, Trump announced 25% tariffs on car and auto parts imports — a move that will impact Asian exporters, which are among the largest auto exporters to the US.

What was decided in the meeting?

The countries’ three trade ministers agreed to “closely cooperate for a comprehensive and high-level” talks on a South Korea-Japan-China free trade agreement deal to promote “regional and global trade,” according to a statement released after the meeting.

US small businesses uneasy about Trump’s looming tariffs war

“It is necessary to strengthen the implementation of RCEP, in which all three countries have participated, and to create a framework for expanding trade cooperation among the three countries through Korea-China-Japan FTA  negotiations,” said South Korean Trade Minister Ahn Duk-geun, referring to the Regional Comprehensive Economic Partnership.

The three countries agreed to create “a predictable trade and investment environment,” a joint statement said.

South Korea’s Ahn said the three countries must respond “jointly” to shared global challenges.

“Today’s economic and trade environment is marked by increasing fragmentation of the global economy,” he said.

The trio agreed to hold its next ministerial meeting in Japan.

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