Commerce ministers from the three countries met in Seoul on Sunday for their first trilateral talks in six years. The meeting concluded with a joint pledge to advance a "comprehensive and high-level" trade pact, according to South Korea’s Ministry of Trade, Industry and Energy.
"Protectionist measures have increased uncertainty in global trade," Ahn Duk-geun, South Korea's trade minister, said during the talks, in an apparent reference to Washington’s growing shift toward economic nationalism. "Protectionism cannot be the answer, so the three countries should take a leading role in ensuring the World Trade Organization functions smoothly."
The trilateral agreement, first proposed in 2012, aimed to lower trade barriers across East Asia. However, negotiations lost momentum in 2019 due to rising U.S.-China tensions and the onset of the COVID-19 pandemic.
In recent years, the three countries have focused instead on broader multilateral frameworks such as the Regional Comprehensive Economic Partnership, a trade bloc including 15 Asia-Pacific nations.
The renewed effort comes as the Trump administration prepares to impose a new wave of reciprocal tariffs, expected to be announced on April 2. The move could undermine existing trade agreements, including the Korea-U.S. Free Trade Agreement, and further rattle global markets.
Wang Wentao, China's commerce minister, echoed concerns about the current trade landscape.
"The spread of unilateralism and protectionism is putting great pressure on the trading system and expanding uncertainties," he said.
Still, officials acknowledged that significant hurdles remain.
A South Korean trade ministry official noted that the three nations face differing economic conditions and levels of liberalization." Japan has relatively low tariff rates, while China’s level of market openness is not as high," the official said.
reporter
Kim Dong-young
davekim0807@ajupress.com
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