China, Japan, and Korea Eye Trilateral FTA to Boost Regional Economic Ties
1min read The 11th China-Japan-Korea Cooperation Dialogue recently called for accelerating the establishment of a highly open trilateral free trade agreement, largely building on the Regional Comprehensive Economic Partnership (RCEP) framework. Experts from the three nations emphasize aligning with the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) standards to foster more extensive economic collaboration.
Chi Fulin, President of the China Institute for Reform and Development, highlighted the limited trade interdependence among China, Japan, and Korea, currently at below 20%. He urged for substantial negotiations to conclude a trilateral FTA swiftly. The proposed agreement should elevate trade liberalization, synchronize post-border rules, and boost cooperation in information technology and digital economy sectors.
Kim Sung-Hwan, Chairman of the Korea Foundation for Advanced Studies, pointed out the heightened importance of trilateral cooperation amidst global supply chain reconfigurations and rising protectionism. He advocated for a comprehensive cooperation framework that moves beyond tariff elimination to incorporate new trade issues such as digital trade and intellectual property.
Yukiko Fukagawa, a professor at Waseda University, suggested a gradual transition of the trilateral trade mechanism from RCEP to align with CPTPP values, such as increasing the zero-tariff ratio and enhancing service trade cooperation among the three countries.
Naoyuki Haraoka, Executive Managing Director of the Japan Economic Foundation, added that deepening collaboration would benefit not only the three nations but also the entire East Asia region. Focus areas should include youth exchange, cultural interaction, and disaster risk reduction, as well as the promotion of free trade.
The forum underscored the pressing need to capitalize on present opportunities for strengthening economic ties that could significantly influence the emerging global economic landscape. Strengthening the existing foundations of the RCEP while setting aspirations towards a robust trilateral FTA remains a shared goal, as reiterated by numerous experts in attendance.