On March 30, as China, Japan, and South Korea prepared for US President Trump's tariff policies, these three major Asian exporting countries held their first economic dialogue in five years, aiming to promote regional trade.
A statement issued after the meeting said that the trade ministers of the three countries agreed to cooperate closely for comprehensive and high - level talks to discuss the Korea - China - Japan Free Trade Agreement, which aims to promote regional and global trade.
The South Korean Minister of Trade, Industry and Energy said, "It is necessary to strengthen the implementation of the Regional Comprehensive Economic Partnership Agreement that all three countries have participated in, and to build a framework for expanding trade cooperation among the three countries through the Korea - China - Japan Free Trade Agreement negotiations."
The meeting of the three trade ministers took place against the backdrop of Trump's plan to announce more tariffs on April 2. Trump, who is disrupting Washington's trade partnerships, called April 2 "Liberation Day".
On March 30, the Japanese Minister of Economy, Trade and Industry, the Chinese Minister of Commerce, and the South Korean Minister of Trade, Industry and Energy held a meeting.
In a joint statement, the three trade ministers said that they would continue to strive to create "a global fair - competition environment and a free, open, fair, non - discriminatory, transparent, inclusive, and predictable trade and investment environment".
The GDP of these three Asian economies accounts for about 25% of the global total, and their trade volume accounts for about 21% of the world's. The three countries confirmed the need to strengthen economic and trade cooperation.
South Korea and Japan are major automobile - exporting countries, and China has also been affected by the US tariff hikes. On March 30, the three countries issued a statement calling for accelerating the trilateral free - trade agreement negotiations and agreed to create "a predictable trade and investment environment".
The South Korean minister said that the three countries must "jointly" address global challenges. He said, "The current economic and trade environment is characterized by the increasing fragmentation of the global economy."
A Japanese official said at a press conference, "The international environment around us is constantly changing, and uncertainties are increasing."
A Chinese official said that unilateralism and protectionism are spreading, and the three countries must take on the responsibility of safeguarding the multilateral trading system.
The South Korean minister emphasized that protectionism "is not the solution". He also urged all parties to work to ensure the normal operation of the World Trade Organization to "maintain the stability and predictability of global trade".
