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“Strengthening trade cooperation between Korea, Japan and China… “Promote FTA quickly”

Published May 28, 2024

Tridge summary

Leaders from South Korea, Japan, and China have committed to reinvigorating negotiations for a trilateral free trade agreement (FTA), aiming to bolster economic and trade ties. The announcement, made during the '9th Korea-Japan-China Summit' in Seoul, marks the first such meeting in nearly five years. The leaders discussed six areas of cooperation, including sustainable development, economy and trade, and digital transformation. The resumption of FTA talks, which have been stalled since 2013, could potentially extend the openness of the domestic agricultural sector, impacting trade dynamics, especially with China. Additionally, improved relations between the countries could possibly spark renewed discussions on South Korea's interest in joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), despite challenges in achieving substantial progress in these negotiations.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The leaders of Korea, Japan, and China agreed to accelerate negotiations for a trilateral free trade agreement (FTA) and decided to strengthen economic and trade cooperation. On the 27th, President Yoon Seok-yeol met Japanese Prime Minister Fumio Kishida and Chinese Premier Li Chang of the State Council in Seoul, held the ‘9th Korea-Japan-China Summit’, and included the following in a joint declaration. This is the first meeting between the leaders of the three countries 4 years and 5 months since the 8th meeting held in Chengdu, China in December 2019. At the meeting, agendas in six areas were discussed, including ▲people-to-people exchanges ▲sustainable development through climate change response ▲economy and trade ▲health and aging ▲science and technology and digital transformation ▲disasters and safety. The leaders agreed to quickly pursue the Korea-Japan-China FTA agreement. The FTA negotiations between the three countries began in 2013, but have been at a standstill for 11 ...
Source: Nongmin
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