According to reports, South Korea, China and Japan held their first economic dialogue in five years, seeking to facilitate regional trade as the three Asian export powers brace from U.S. President Donald Trump's tariffs.
The countries' three trade ministers agreed to closely cooperate for a comprehensive and high-level talks on a South Korea-Japan-China free trade agreement deal to promote 'regional and global trade', according to reports.
"It is necessary to strengthen the implementation of RCEP, in which all three countries have participated, and to create a framework for expanding trade cooperation among the three countries through Korea-China-Japan FTA negotiations," says South Korean Trade Minister Ahn Duk-geun, referring to the Regional Comprehensive Economic Partnership.
The ministers gathered before Trump's announcement of additional tariffs during what he labels as liberation day, as he disrupts Washington's trade alliances.
Seoul, Beijing, and Tokyo are significant trading partners for the U.S., although they have been in conflict with one another over matters like territorial disagreements and Japan's discharge of wastewater from the damaged Fukushima nuclear power facility.
Since beginning discussions in 2012, they have not achieved significant advancements on a trilateral free-trade agreement.
RCEP, which took effect in 2022, is a trade agreement among 15 Asia-Pacific nations focused on reducing trade barriers.
Recently, Trump declared 25 percent import tariffs on automobiles and auto components, a decision that could negatively impact businesses, particularly Asian car manufacturers, which rank among the top vehicle exporters to the U.S.
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Following Mexico, South Korea ranks as the second-largest exporter of vehicles to the United States, with Japan in third place, based on information from S&P.