6/11/2024 11:45:58 AM

Reviving China-Japan-ROK trilateral: An attempt to hold common ground

The leaders of China, South Korea, and Japan met in Seoul to attend the ninth trilateral summit meeting after a hiatus of four and half years. 

The summit meeting was scheduled at an important juncture when the shadow of a heightened China and the United States (US) contest is looming over the East Asian region. Simultaneously, the Indo-Pacific region is experiencing significant upheaval, characterised by escalating security challenges and increasing geopolitical fragmentation. Amidst the institutionalisation of the US, Japan, and South Korea summit in 2023, the resumption of the trilateral summit between China, Japan, and South Korea raises important questions. What is the relevance of the restart of the trilateral summit? And, how does the trilateral 2.0 help serve each member's interest?

Creating consensus on economic cooperation

As the last trade negotiations happened in 2019, this trilateral summit is important for the three parties to push for the Free Trade Agreement (FTA) which has not progressed for a long time. Even though the conversation on trilateral FTA has regularly featured at ministerial meetings of foreign ministers and trade ministers at trilateral and bilateral levels, much has not moved beyond statements due to the COVID-19 pandemic and fluctuating diplomatic ties. Therefore, the trilateral summit will give impetus to push for a faster implementation of the FTA negotiation process as agreed at the summit. In the joint statement, the leaders committed to ‘keep discussions for speeding up negotiations for a Trilateral FTA, aiming at realising a free, fair, comprehensive, high-quality, and mutually beneficial FTA with its value’. The culmination of FTA will ensure greater economic cooperation between the three parties, viewed as a pillar of stability in bilateral ties compared to divergent security issues that routinely create fissures. As all members aim to strengthen economic cooperation, the rationale behind the trilateral revival is different for each, as elaborated below.  

China

The joint statement released at the end of parleys at the Seoul trilateral reflects some of China’s core concerns related to the economy and global situation. The Chinese Premier, Li Qiang; South Korean President, Yoon Suk-yeol; and Japanese Prime Minister Fumio Kishida pledged to strive for a level playing field to bring in non-discriminatory open, and transparent climate for trade and investment. They also agreed to bolster supply-chain cooperation, mitigate disruptions, and keep their markets accessible. The Summit comes close on the heels of efforts by the US to bring in new regulations that curb the export of sensitive technology related to semiconductors, restrictions on outbound investment into advanced sectors in China, and slapping tariffs on Chinese goods. 

The joint statement released at the end of parleys at the Seoul trilateral reflects some of China’s core concerns related to the economy and global situation.

Japan and Korea (both US allies) are crucial in the US’s scheme to limit China’s access to sophisticated semiconductor manufacturing equipment and know-how. Foreign Direct Investment into China is at a 30-year low due to the strained geopolitical relations.  

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