China, Japan, and South Korea’s trade ministers have vowed to enhance free trade cooperation. They aim to engage in high-level discussions on a Korea-China-Japan free trade agreement. The meeting precedes U.S. President Trump’s announcement of new tariffs that may affect Asian automakers and existing trade dynamics.

A recent meeting involving the trade ministers of China, Japan, and South Korea has resulted in a commitment to enhance free trade among the three nations. They expressed intentions to engage in “comprehensive and high-level” discussions concerning a potential free trade agreement aimed at promoting both regional and global trade. The ministers emphasized the need for collaboration in the implementation of the Regional Comprehensive Economic Partnership (RCEP).

South Korean Trade Minister Ahn Duk-geun highlighted the necessity of strengthening trade cooperation, stating that it is essential to advance negotiations for a Korea-China-Japan Free Trade Agreement. This initiative seeks to build on the foundation established by the RCEP, which encompasses participation from all three countries.

This meeting occurred just prior to an announcement by U.S. President Donald Trump regarding additional tariffs, a move he labeled as “liberation day”. Trump recently enforced a 25% tariff on imports of cars and auto parts, which could significantly impact companies, particularly those within the Asian automotive sector, known for being major exporters to the United States.

The commitment by China, Japan, and South Korea to strengthen their trade relations marks a significant step towards enhancing regional economic cooperation. Their focus on negotiating a free trade agreement and the implementation of the RCEP indicates a collective effort to adapt to changing global trade dynamics, particularly in light of increasing tariffs from the United States. This development could lead to positive ramifications for trade among the three nations.

Original Source: en.mehrnews.com

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