Seoul, South Korea – After a hiatus of over five years, trade ministers from South Korea, China, and Japan are scheduled to convene in Seoul on March 30th for the Trilateral Trade Ministers’ Meeting. The meeting comes at a critical juncture, with rising global trade protectionism casting a shadow over international commerce.
According to sources within the South Korean government, the meeting will bring together South Korean Minister of Trade, Industry and Energy, Ahn Duk-geun, Chinese Minister of Commerce, Wang Wentao, and Japanese Minister of Economy, Trade and Industry, Mutoh Yuji.
The agenda is expected to focus on key areas of mutual interest, building upon the consensus reached at the trilateral leaders’ summit in May of last year. High on the list are discussions surrounding the resumption of negotiations for a trilateral Free Trade Agreement (FTA), expanding the scope of the Regional Comprehensive Economic Partnership (RCEP), and ensuring the stability of supply chains.
The timing of the meeting is particularly noteworthy, taking place just days before the United States government is set to impose reciprocal tariffs on April 2nd. This backdrop has fueled speculation as to whether the three Asian economic powerhouses will address the growing trend of trade protectionism and reaffirm their commitment to upholding the principles of free trade.
Beyond the trilateral discussions, the trade ministers are also scheduled to hold separate bilateral meetings. Minister Ahn Duk-geun is expected to meet with Minister Wang Wentao on March 29th and Minister Mutoh Yuji on March 30th, providing opportunities for deeper engagement on specific bilateral trade issues.
The last Trilateral Trade Ministers’ Meeting took place in Beijing in December 2019. The resumption of these talks signals a renewed commitment to strengthening economic cooperation between the three nations, particularly in the face of global economic uncertainties. The outcome of the meeting will be closely watched by businesses and policymakers alike, as it could have significant implications for regional and global trade dynamics.
Conclusion:
The upcoming Trilateral Trade Ministers’ Meeting in Seoul represents a significant step towards reinvigorating economic cooperation between South Korea, China, and Japan. With a focus on FTA negotiations, RCEP expansion, and supply chain stability, the meeting offers a platform to address shared challenges and promote regional economic integration. The discussions on trade protectionism, in light of impending US tariffs, will be particularly crucial in shaping the future of free trade in the region and beyond.
References:
- Yonhap News Agency. (2024, March 27). 韩中日经贸部长会议将于30日在首尔举行 [Trilateral Trade Ministers’ Meeting between South Korea, China, and Japan to be held in Seoul on the 30th]. Retrieved from [Insert original article URL here if available online]
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