{"id":2205265,"date":"2024-05-28T08:00:57","date_gmt":"2024-05-27T23:00:57","guid":{"rendered":"https:\/\/koreapro.org\/?p=2205265"},"modified":"2024-05-27T19:06:04","modified_gmt":"2024-05-27T10:06:04","slug":"trilateral-summit-outcomes-shape-future-of-trade-and-economic-cooperation","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2024\/05\/trilateral-summit-outcomes-shape-future-of-trade-and-economic-cooperation\/","title":{"rendered":"Trilateral summit outcomes shape future of trade and economic cooperation"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">South Korea, Japan and China <\/span><a href=\"https:\/\/www.president.go.kr\/newsroom\/press\/kwl3PqxA\"><span style=\"font-weight: 400;\">reaffirmed<\/span><\/a><span style=\"font-weight: 400;\"> their commitment to an open, rules-based multilateral trading system during their trilateral summit on Monday. The three nations pledged to reform and strengthen the World Trade Organization\u2019s (WTO) functions, including its dispute settlement system. They also agreed to accelerate negotiations on the trilateral Free Trade Agreement (FTA) while ensuring the effective implementation of the Regional Comprehensive Economic Partnership.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The trilateral summit addressed regional financial cooperation and welcomed progress made under the ASEAN+3 framework, particularly the establishment of the <\/span><a href=\"https:\/\/english.moef.go.kr\/pc\/selectTbPressCenterDtl.do?boardCd=N0001&amp;seq=5859\"><span style=\"font-weight: 400;\">Rapid Financing Facility<\/span><\/a><span style=\"font-weight: 400;\"> (RFF) program. The leaders also adopted a joint statement on intellectual property cooperation, expanding the scope of collaboration to new technology fields and pursuing \u201cKorea-Japan-China+X\u201d partnerships.<\/span><\/p>\n<p><b>Why It Matters<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The trilateral summit\u2019s commitment to reforming the WTO and strengthening its functions could have significant implications for the ongoing U.S.-China trade dispute. While a more robust WTO could potentially help resolve trade conflicts, there is a risk that China may attempt to use the organization as a wedge between Seoul and Washington.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This is particularly relevant given the recent U.S. decision to <\/span><a href=\"https:\/\/koreapro.org\/2024\/05\/us-tariffs-on-china-could-boost-south-korean-ev-and-battery-exports\/\"><span style=\"font-weight: 400;\">maintain and increase tariffs<\/span><\/a><span style=\"font-weight: 400;\"> on various Chinese goods, including batteries, electric vehicles, semiconductors and solar cells. Many South Korean companies have supply chains and manufacturing facilities in China, making them vulnerable to the increased tariffs.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">On the other hand, the establishment of the RFF program will likely enhance South Korea\u2019s standing among ASEAN countries. The program, which aims to provide swift financial support to member nations in the event of sudden external shocks, such as pandemics or natural disasters, will incorporate eligible \u201cfreely usable currencies\u201d like the Japanese yen and the Chinese renminbi alongside the U.S. dollar. South Korea set this year\u2019s budget for <\/span><a href=\"https:\/\/en.yna.co.kr\/view\/AEN20240229003100315\"><span style=\"font-weight: 400;\">official development assistance<\/span><\/a><span style=\"font-weight: 400;\"> at a record high of $4.6 billion (6.3 trillion won) earlier this year.<\/span><\/p>\n<div class=\"content-tags\"><a href=\"https:\/\/koreapro.org\/tag\/business-economy\/\"><span class=\"tag\">Business &amp; Economy<\/span><\/a><a href=\"https:\/\/koreapro.org\/tag\/inter-korean-foreign-relations\/\"><span class=\"tag\">Inter-Korean &amp; Foreign Relations<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"<p>South Korea, Japan and China reaffirmed their commitment to an open, rules-based multilateral trading system during their trilateral summit on Monday. The three nations pledged to reform and strengthen the World Trade Organization\u2019s (WTO) functions, including its dispute settlement system. They also agreed to accelerate negotiations on the trilateral Free Trade Agreement (FTA) while ensuring [&hellip;]<\/p>\n","protected":false},"author":10407,"featured_media":2205273,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[24,28],"class_list":["post-2205265","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-briefings","tag-business-economy","tag-inter-korean-foreign-relations"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Trilateral summit outcomes shape future of trade and economic cooperation - KOREA PRO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/koreapro.org\/2024\/05\/trilateral-summit-outcomes-shape-future-of-trade-and-economic-cooperation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Trilateral summit outcomes shape future of trade and economic cooperation - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"South Korea, Japan and China reaffirmed their commitment to an open, rules-based multilateral trading system during their trilateral summit on Monday. The three nations pledged to reform and strengthen the World Trade Organization\u2019s (WTO) functions, including its dispute settlement system. They also agreed to accelerate negotiations on the trilateral Free Trade Agreement (FTA) while ensuring [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/koreapro.org\/2024\/05\/trilateral-summit-outcomes-shape-future-of-trade-and-economic-cooperation\/\" \/>\n<meta property=\"og:site_name\" content=\"KOREA PRO\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/nknewsorg\/\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-27T23:00:57+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-27T10:06:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/koreapro.org\/wp-content\/uploads\/sites\/6\/2024\/05\/eb-14.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1870\" \/>\n\t<meta property=\"og:image:height\" content=\"1000\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"johnleenknews\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@southkoreapro\" \/>\n<meta name=\"twitter:site\" content=\"@southkoreapro\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"KOREA PRO\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/koreapro.org\/2024\/05\/trilateral-summit-outcomes-shape-future-of-trade-and-economic-cooperation\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/koreapro.org\/2024\/05\/trilateral-summit-outcomes-shape-future-of-trade-and-economic-cooperation\/\"},\"author\":{\"name\":\"johnleenknews\",\"@id\":\"https:\/\/koreapro.org\/#\/schema\/person\/b9766dba611638edc06a6e0b7078714d\"},\"headline\":\"Trilateral summit outcomes shape future of trade and economic cooperation\",\"datePublished\":\"2024-05-27T23:00:57+00:00\",\"dateModified\":\"2024-05-27T10:06:04+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/koreapro.org\/2024\/05\/trilateral-summit-outcomes-shape-future-of-trade-and-economic-cooperation\/\"},\"wordCount\":315,\"publisher\":{\"@id\":\"https:\/\/koreapro.org\/#organization\"},\"image\":{\"@id\":\"https:\/\/koreapro.org\/2024\/05\/trilateral-summit-outcomes-shape-future-of-trade-and-economic-cooperation\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/assets.korearisk.com\/uploads\/sites\/6\/2024\/05\/eb-14.png\",\"keywords\":[\"Business &amp; Economy\",\"Inter-Korean &amp; Foreign Relations\"],\"articleSection\":[\"Briefings\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/koreapro.org\/2024\/05\/trilateral-summit-outcomes-shape-future-of-trade-and-economic-cooperation\/\",\"url\":\"https:\/\/koreapro.org\/2024\/05\/trilateral-summit-outcomes-shape-future-of-trade-and-economic-cooperation\/\",\"name\":\"Trilateral summit outcomes shape future of trade and economic cooperation - KOREA PRO\",\"isPartOf\":{\"@id\":\"https:\/\/koreapro.org\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/koreapro.org\/2024\/05\/trilateral-summit-outcomes-shape-future-of-trade-and-economic-cooperation\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/koreapro.org\/2024\/05\/trilateral-summit-outcomes-shape-future-of-trade-and-economic-cooperation\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/assets.korearisk.com\/uploads\/sites\/6\/2024\/05\/eb-14.png\",\"datePublished\":\"2024-05-27T23:00:57+00:00\",\"dateModified\":\"2024-05-27T10:06:04+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/koreapro.org\/2024\/05\/trilateral-summit-outcomes-shape-future-of-trade-and-economic-cooperation\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/koreapro.org\/2024\/05\/trilateral-summit-outcomes-shape-future-of-trade-and-economic-cooperation\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/koreapro.org\/2024\/05\/trilateral-summit-outcomes-shape-future-of-trade-and-economic-cooperation\/#primaryimage\",\"url\":\"https:\/\/assets.korearisk.com\/uploads\/sites\/6\/2024\/05\/eb-14.png\",\"contentUrl\":\"https:\/\/assets.korearisk.com\/uploads\/sites\/6\/2024\/05\/eb-14.png\",\"width\":1870,\"height\":1000},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/koreapro.org\/2024\/05\/trilateral-summit-outcomes-shape-future-of-trade-and-economic-cooperation\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/koreapro.org\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Trilateral summit outcomes shape future of trade and economic cooperation\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/koreapro.org\/#website\",\"url\":\"https:\/\/koreapro.org\/\",\"name\":\"KOREA PRO\",\"description\":\"Be smart about South Korea. Up-to-date analysis on foreign relations, politics, society and economy. Made by the producers of NK PRO and NK News.\",\"publisher\":{\"@id\":\"https:\/\/koreapro.org\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/koreapro.org\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/koreapro.org\/#organization\",\"name\":\"KOREA PRO\",\"url\":\"https:\/\/koreapro.org\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/koreapro.org\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/koreapro.org\/wp-content\/uploads\/sites\/6\/2022\/11\/logo.png\",\"contentUrl\":\"https:\/\/koreapro.org\/wp-content\/uploads\/sites\/6\/2022\/11\/logo.png\",\"width\":360,\"height\":50,\"caption\":\"KOREA PRO\"},\"image\":{\"@id\":\"https:\/\/koreapro.org\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/nknewsorg\/\",\"https:\/\/x.com\/southkoreapro\"]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Trilateral summit outcomes shape future of trade and economic cooperation - KOREA PRO","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/koreapro.org\/2024\/05\/trilateral-summit-outcomes-shape-future-of-trade-and-economic-cooperation\/","og_locale":"en_US","og_type":"article","og_title":"Trilateral summit outcomes shape future of trade and economic cooperation - KOREA PRO","og_description":"South Korea, Japan and China reaffirmed their commitment to an open, rules-based multilateral trading system during their trilateral summit on Monday. The three nations pledged to reform and strengthen the World Trade Organization\u2019s (WTO) functions, including its dispute settlement system. They also agreed to accelerate negotiations on the trilateral Free Trade Agreement (FTA) while ensuring [&hellip;]","og_url":"https:\/\/koreapro.org\/2024\/05\/trilateral-summit-outcomes-shape-future-of-trade-and-economic-cooperation\/","og_site_name":"KOREA PRO","article_publisher":"https:\/\/www.facebook.com\/nknewsorg\/","article_published_time":"2024-05-27T23:00:57+00:00","article_modified_time":"2024-05-27T10:06:04+00:00","og_image":[{"width":1870,"height":1000,"url":"https:\/\/koreapro.org\/wp-content\/uploads\/sites\/6\/2024\/05\/eb-14.png","type":"image\/png"}],"author":"johnleenknews","twitter_card":"summary_large_image","twitter_creator":"@southkoreapro","twitter_site":"@southkoreapro","twitter_misc":{"Written by":"KOREA PRO","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/koreapro.org\/2024\/05\/trilateral-summit-outcomes-shape-future-of-trade-and-economic-cooperation\/#article","isPartOf":{"@id":"https:\/\/koreapro.org\/2024\/05\/trilateral-summit-outcomes-shape-future-of-trade-and-economic-cooperation\/"},"author":{"name":"johnleenknews","@id":"https:\/\/koreapro.org\/#\/schema\/person\/b9766dba611638edc06a6e0b7078714d"},"headline":"Trilateral summit outcomes shape future of trade and economic cooperation","datePublished":"2024-05-27T23:00:57+00:00","dateModified":"2024-05-27T10:06:04+00:00","mainEntityOfPage":{"@id":"https:\/\/koreapro.org\/2024\/05\/trilateral-summit-outcomes-shape-future-of-trade-and-economic-cooperation\/"},"wordCount":315,"publisher":{"@id":"https:\/\/koreapro.org\/#organization"},"image":{"@id":"https:\/\/koreapro.org\/2024\/05\/trilateral-summit-outcomes-shape-future-of-trade-and-economic-cooperation\/#primaryimage"},"thumbnailUrl":"https:\/\/assets.korearisk.com\/uploads\/sites\/6\/2024\/05\/eb-14.png","keywords":["Business &amp; Economy","Inter-Korean &amp; Foreign Relations"],"articleSection":["Briefings"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/koreapro.org\/2024\/05\/trilateral-summit-outcomes-shape-future-of-trade-and-economic-cooperation\/","url":"https:\/\/koreapro.org\/2024\/05\/trilateral-summit-outcomes-shape-future-of-trade-and-economic-cooperation\/","name":"Trilateral summit outcomes shape future of trade and economic cooperation - KOREA PRO","isPartOf":{"@id":"https:\/\/koreapro.org\/#website"},"primaryImageOfPage":{"@id":"https:\/\/koreapro.org\/2024\/05\/trilateral-summit-outcomes-shape-future-of-trade-and-economic-cooperation\/#primaryimage"},"image":{"@id":"https:\/\/koreapro.org\/2024\/05\/trilateral-summit-outcomes-shape-future-of-trade-and-economic-cooperation\/#primaryimage"},"thumbnailUrl":"https:\/\/assets.korearisk.com\/uploads\/sites\/6\/2024\/05\/eb-14.png","datePublished":"2024-05-27T23:00:57+00:00","dateModified":"2024-05-27T10:06:04+00:00","breadcrumb":{"@id":"https:\/\/koreapro.org\/2024\/05\/trilateral-summit-outcomes-shape-future-of-trade-and-economic-cooperation\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/koreapro.org\/2024\/05\/trilateral-summit-outcomes-shape-future-of-trade-and-economic-cooperation\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/koreapro.org\/2024\/05\/trilateral-summit-outcomes-shape-future-of-trade-and-economic-cooperation\/#primaryimage","url":"https:\/\/assets.korearisk.com\/uploads\/sites\/6\/2024\/05\/eb-14.png","contentUrl":"https:\/\/assets.korearisk.com\/uploads\/sites\/6\/2024\/05\/eb-14.png","width":1870,"height":1000},{"@type":"BreadcrumbList","@id":"https:\/\/koreapro.org\/2024\/05\/trilateral-summit-outcomes-shape-future-of-trade-and-economic-cooperation\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/koreapro.org\/"},{"@type":"ListItem","position":2,"name":"Trilateral summit outcomes shape future of trade and economic cooperation"}]},{"@type":"WebSite","@id":"https:\/\/koreapro.org\/#website","url":"https:\/\/koreapro.org\/","name":"KOREA PRO","description":"Be smart about South Korea. Up-to-date analysis on foreign relations, politics, society and economy. Made by the producers of NK PRO and NK News.","publisher":{"@id":"https:\/\/koreapro.org\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/koreapro.org\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/koreapro.org\/#organization","name":"KOREA PRO","url":"https:\/\/koreapro.org\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/koreapro.org\/#\/schema\/logo\/image\/","url":"https:\/\/koreapro.org\/wp-content\/uploads\/sites\/6\/2022\/11\/logo.png","contentUrl":"https:\/\/koreapro.org\/wp-content\/uploads\/sites\/6\/2022\/11\/logo.png","width":360,"height":50,"caption":"KOREA PRO"},"image":{"@id":"https:\/\/koreapro.org\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/nknewsorg\/","https:\/\/x.com\/southkoreapro"]}]}},"_links":{"self":[{"href":"https:\/\/koreapro.org\/wp-json\/wp\/v2\/posts\/2205265"}],"collection":[{"href":"https:\/\/koreapro.org\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/koreapro.org\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/koreapro.org\/wp-json\/wp\/v2\/users\/10407"}],"replies":[{"embeddable":true,"href":"https:\/\/koreapro.org\/wp-json\/wp\/v2\/comments?post=2205265"}],"version-history":[{"count":1,"href":"https:\/\/koreapro.org\/wp-json\/wp\/v2\/posts\/2205265\/revisions"}],"predecessor-version":[{"id":2205267,"href":"https:\/\/koreapro.org\/wp-json\/wp\/v2\/posts\/2205265\/revisions\/2205267"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/koreapro.org\/wp-json\/wp\/v2\/media\/2205273"}],"wp:attachment":[{"href":"https:\/\/koreapro.org\/wp-json\/wp\/v2\/media?parent=2205265"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/koreapro.org\/wp-json\/wp\/v2\/categories?post=2205265"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/koreapro.org\/wp-json\/wp\/v2\/tags?post=2205265"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}