Against Protectionism
South Korea, China and Japan have agreed to jointly counter recent protectionist moves of major countries.
The Ministry of Trade, Industry and Energy (MOTIE) announced on October 30 that trade ministers of the three countries have agreed to jointly deal with protectionism and enhance economic ties at the 11th South Korea-China-Japan economic and trade ministers' meeting in Tokyo, Japan, on Oct. 29. The three countries has been holding the annual trilateral meeting after the ASEAN Plus Three Summit in 2002.
The ministers have expressed concerns over trade protectionism they said has been increasing globally, and agreed to expand free trade in order to promote sustainable global economic growth. Moreover, they have agreed to freeze and reduce trade protections agreed at multilateral channels, such as the World Trade Organization (WTO) and the Group of Twenty (G20), jointly taking action against trade protectionism issues.
The ministers have also agreed to accelerate discussions for a South Korea-China-Japan free trade agreement (FTA) they are pursuing and the broader Regional Comprehensive Economic Partnership (RCEP). The three countries have begun negotiations for a trilateral FTA in March 2013 and are discussing a whole range of issues, including an approach to product and service markets and written agreement for standards. The participating countries aim to conclude the agreement by the end of the year but they are unlikely to do so due to differences of opinion.
In addition, Seoul, Beijing and Tokyo have agreed to strengthen economic cooperation in industry. They will work together to establish the Digital Single Market (DSM) and carry out joint research on electronic commerce.
The MOTIE said, “With the next three Olympics being held in the three countries – the 2018 PyeongChang Winter Olympics, the 2020 Tokyo Summer Olympics and the 2022 Beijing Winter Olympics, we have agreed to cooperate in various sectors, such as culture, economy and sports industries. Moreover, we will step up our collaboration in the markets of other countries by combining the strengths of the three countries.”