Chinese Premier Li Qiang has hailed the revival of trade relations with Japan and South Korea, marking the first trilateral talks in four years. Meeting in Seoul, the leaders sought to rejuvenate trade dialogues and economic cooperation that have faced challenges amid global dynamics.
Li, South Korean President Yoon Suk Yeol, and Japanese Prime Minister Fumio Kishida are expected to adopt a joint statement addressing six key areas: economy and trade, science and technology, people-to-people exchanges, health, and the aging population, according to Seoul officials.
There is also potential for resuming negotiations on a three-party free trade agreement, which had been stalled since 2019, as reported by Japanese media.
During the summit, Li emphasized the importance of comprehensive trilateral cooperation with transparency and openness, as reported by China's Xinhua news agency. He highlighted that despite significant global changes, the foundational trade relations among the three nations remain robust.
"Our meeting today, the first in over four years, represents both a restart and a new beginning," Li stated, according to a post on X by China's foreign ministry.
The trilateral summit is a strategic effort by China, South Korea, and Japan to navigate increasing global economic challenges and to strengthen their trade ties. Both Yoon and Kishida have enhanced their bilateral relations and collaboration with the United States, underlining the importance of this renewed tripartite engagement.
This summit follows bilateral meetings where Li and Yoon agreed to resume diplomatic and security dialogues and restart free trade talks. Additionally, Kishida and Li discussed economic cooperation and planned a new round of high-level economic dialogues.
President Yoon also urged China to play a constructive role in addressing North Korea's expanding nuclear arsenal, in line with United Nations Security Council resolutions.
TRADE RELATIONS
The trade dynamics between China, South Korea, and Japan have evolved into a competitive landscape over the past decade, influenced by calls from the U.S. for its allies to diversify supply chains away from China, especially in key sectors like semiconductors.
Officials and diplomats have set modest expectations for the summit, focusing on the importance of the meeting itself as a step towards revitalizing trilateral trade relations. The leaders are also scheduled to participate in a forum with leading business executives.
Since 2012, the three nations have engaged in 16 rounds of negotiations over a three-way FTA, aiming for liberalization levels higher than those of the Regional Comprehensive Economic Partnership (RCEP). Their last negotiation in November 2019 covered a broad range of areas, including trade in goods and services, investment, customs, competition, and e-commerce.
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