South Korea, China, Japan agree to promote regional trade as Trump tariffs loom

South Korea, China and Japan on Sunday held their first economic dialogue in five years, seeking to facilitate regional trade as the trio brace from US President Donald Trump's tariffs.

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

“It is necessary to strengthen the implementation of Regional Comprehensive Economic Partnership,
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,” South Korean Trade Minister Ahn Duk-geun said.

The ministers reportedly met ahead of Trump's announcement on Wednesday of more tariffs in what he calls liberation day, as he upends Washington's trading partnerships.

Seoul, Beijing and Tokyo are said to be US major trading partners, although they have been at loggerheads among themselves over issues including territorial disputes and Japan's release of wastewater from the wrecked Fukushima nuclear power plant.

They have not made substantial progress on a trilateral free-trade deal since starting talks in 2012.

DAILY POST reports that RCEP, which went into force in 2022, is a trade framework among 15 Asia-Pacific countries aimed at lowering trade barriers.

Recall that Trump announced 25% import tariffs on cars and auto parts last week, a move that may hurt companies, particularly Asian automakers, which are among the largest vehicle exporters to the US.

After Mexico, South Korea is said to be the world's largest exporter of vehicles to the United States, followed by Japan.

The ministers agreed to hold their next ministerial meeting in Japan.