Seoul: Asia's giants China, Japan, and South Korea agreed on Sunday to bolster inter-Asian investment and trade cooperation to face the mounting trends of protectionism. According to Kuwait News Agency, the accord among the regional powers came during the 13th edition of the three countries' ministers of industry and commerce meeting. It was co-headed by Chinese Minister of Commerce Wang Wenao Taw, his Japanese counterpart Yuji Muto, and South Korean Minister of Trade Ahn Duk-geun in Seoul. The Chinese minister affirmed in a statement that the global economy is slowing down due to rising protectionism, urging Seoul and Tokyo to safeguard the global plural commercial system and seek to strengthen regional economic integration as a prelude to boosting the global economy. He reiterated Beijing's commitment to expanding regional cooperation and participating in enterprises in Japan, South Korea, and other nations. Moreover, the three powers agreed to enhance cooperation within the framework of the Internationa l Trade Organization, the Regional Comprehensive Economic Partnership (RCEP), and expedite discussions on free trade deals among the three nations. They also decided to intensify cooperation regarding supply chains, dialogue on overseeing imports, and the green digital economy to create an adequate environment for inter-corporate cooperation. Signed in November 2020, the RCEP is the first free trade agreement among Asia's largest economies, including China, Indonesia, Japan, and South Korea. There has been a mounting trend of economic protectionism, particularly by the US, which has recently imposed high tariffs on products imported from both allied and non-allied nations. This protectionism trend counters the global free trade and globalization that have been strongly advocated by the world's major economic powers over the past years.
