Business Korea | 30 March 2025
Korea-Japan-China industry ministers agree to resume talks on free trade agreement
by Jung Min-hee
The economic and trade ministers of Korea, China, and Japan have agreed to resume negotiations for the Korea-China-Japan Free Trade Agreement (FTA). The three countries expressed concerns over protectionism led by U.S. President Donald Trump and agreed to work together to restore the functions of the World Trade Organization (WTO). However, tensions persisted as China expressed regret over Korea's recent decision to impose high anti-dumping duties on Chinese steel.
Minister Ahn Duk-geun held the 13th Korea-Japan-China Economic and Trade Ministers' Meeting with Yoji Muto, Japan's minister of economy, trade and industry, and Wang Wentao, China's minister of commerce, at the Korea Chamber of Commerce and Industry in Jung-gu, Seoul, on March 30. This meeting was arranged to discuss follow-up measures from the 9th Korea-Japan Summit last May, marking the first meeting between the ministers of the three countries since December 2019, after five years and three months.
During the meeting, the ministers emphasized the restoration of the WTO system and the expansion of trade and investment among the three countries. Ahn stated, "As we strengthen the implementation of the Regional Comprehensive Economic Partnership (RCEP), which all three countries participate in, we need to create a framework to expand trade and cooperation among the three countries through Korea-Japan FTA negotiations," adding that "we must also respond together to common global issues." He further mentioned, "Protectionist measures have increased the uncertainty of global trade," and "protectionism cannot be the answer."
Wang also noted, "The current spread of unilateralism and protectionism is putting great pressure on the trade system." Although the U.S. reciprocal tariffs and anti-China tariff policies were not officially adopted as agenda items, the meeting was seen as being conscious of the Trump administration's recent announcements of high tariff measures.
In response, the three countries plan to closely cooperate to promote the Korea-China-Japan FTA, which first started in 2013 and whose negotiations were temporarily suspended from 2019. A Ministry of Trade, Industry and Energy official stated, "Although the official negotiation schedule has not been set, we will reset and discuss negotiation goals that fit the current circumstances, as the situation among the three countries has changed significantly since the initial negotiations." Yoji Muto also emphasized, "The direction of the three-country FTA is important not only for market access but also for achieving a higher level of agreement."
However, during the Korea-China bilateral meeting held as part of the day's proceedings, concerns were raised by China regarding Korea's recent trade remedies against China. The Trade Commission had previously decided to impose provisional anti-dumping duties of up to 38.02% on Chinese thick plates and initiated anti-dumping investigations on Chinese and Japanese hot-rolled steel sheets, which China expressed concerns about. Ahn stated, "We will ensure the defense rights of all stakeholders and conduct the investigation procedures fairly."
