Countries China, Japan, and South Korea commit to advancing free trade agreements

Leaders of Japan, South Korea, and China Convene for Joint Summit

On May 27, 2023, the leaders of Japan, South Korea, and China gathered in Seoul, South Korea, for the first joint summit in over four years. The summit, aimed at bolstering their economies and addressing shared concerns, was hosted by South Korean President Yoon Suk Yeol.

The day before the summit, bilateral talks were held, where tensions over regional issues were apparent. Japanese Prime Minister Fumio Kishida emphasized the need for peace and stability in the Taiwan Strait. South Korean President Yoon Suk Yeol called on North Korea to refrain from carrying out a planned satellite launch.

During the summit, the leaders agreed to "institutionalize" three-way cooperation by regularly holding trilateral summits and ministerial meetings. They also agreed to continue discussions for "speeding up negotiations" for a free trade agreement (FTA), aiming for an agreement that is "free, fair, comprehensive, high-quality, and mutually beneficial."

China, South Korea, and Japan share a concern over North Korea, with Japan viewing North Korea as a threat and Pyongyang being South Korea's main adversary. The joint statement does not mention North Korea by name but contains a reference to the denuclearization of the Korean peninsula.

China has been North Korea's staunchest ally since the 1950-1953 Korea War. In his meeting with Chinese Premier Li Qiang, Yoon highlighted the need to bolster shared mechanisms for protecting supply chains for key minerals and other raw materials.

The talks for an FTA were launched in November 2012 but halted after the 16th round, held in November 2019. Choo Jae-woo, an expert on Chinese foreign policy, stated that the wording of the May 27 statement does not indicate the three countries have moved any closer to achieving an FTA.

The summit builds on Yoon's pursuit of improved relations with Japan since taking office two years ago. Japan will host the next leaders' meeting. The leaders in attendance were South Korean President Yoon Suk Yeol, Chinese Premier Li Qiang, and Japanese Prime Minister Fumio Kishida.

The statement also mentions the countries agreeing to work toward a "political settlement" of the "Korean Peninsula issue." The leaders acknowledged the potential benefits of closer cooperation among the three countries. However, the specific person China suspects can advance the negotiation progress toward a free trade agreement with Japan and South Korea remains unidentified.