S. Korea, China, Japan agree to boost trilateral cooperation on economy, pandemic

All News 15:15 November 16, 2021

SEOUL, Nov. 16 (Yonhap) -- Trade officials from South Korea, China and Japan discussed ways Tuesday to enhance trilateral economic cooperation amid the pandemic and to boost trade and investment in such broader fields as environment and energy, Seoul's trade ministry said.

During the one-day teleconference, the participants explored ways of building a new three-way cooperation model focusing on environment and energy issues and how to nurture businesses amid infectious diseases, as well as ways to deepen regional-level exchanges, according to the Ministry of Trade, Industry and Energy.

The annual trans-Yellow Sea economy and technology exchanges meeting brought together some 300 officials from central and local governments and private companies of the three nations.

"There has been a growing need for the trilateral cooperation in line with a changing global economic paradigm sparked by the transition to digital, climate change and supply chain issues," Seo Ga-ram, chief of the ministry's trade cooperation bureau, said.

South Korea, China and Japan are also pushing for a comprehensive, high-level free trade agreement among them for deeper economic ties. The first official negotiations for the trilateral FTA started in 2013.

Seo also called for further expanding the trilateral ties based on the Regional Comprehensive Economic Partnership, a multilateral trade pact that will come into force in January.

The deal was signed last year by 15 nations -- 10 members of the Association of Southeast Asian Nations (ASEAN), South Korea, China, Japan, Australia and New Zealand. It is the first trade pact that involves Seoul, Beijing and Tokyo.

ASEAN comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.