Three East Asian powerhouses brought early cheer to their Christmas Eve summit on Wednesday, strongly championing the free trade regime that has been hit by global tensions.
While this is a cause being spearheaded by hosts China, guests Japan and South Korea also agreed to work closely with each other. The two countries had been locked in bitter disputes earlier this year.
Analysts agreed that the warmer dynamics between China, South Korea and Japan augured well for Asia’s security and economic prospects, which were dimmed by tensions and a slowdown in the past months.
Chinese Premier Li Keqiang told reporters in the south-western Chinese city of Chengdu that their “trilateral cooperation has become an important engine for East Asia”.
“We all proposed that we have to protect free trade and accelerate the integration of the economy. The protection of free trade will also contribute to world peace,” said Li, adding that the leaders also agreed to push for early conclusion of the Asean-led Regional Comprehensive Economic Partnership.
Later, Japanese Prime Minister Shinzo Abe and South Korean President Moon Jae-in also had their first one-on-one meeting in 15 months.
Trade was a key part of the agenda in the wake of the recent face-off between the US and China, which has contributed to a global slowdown. The trade ministers of all three countries have agreed to work towards a three-way free trade deal.
Their consensus on trade comes as trade tensions between China and the US continue to simmer – despite reaching a “phase one” trade agreement earlier this month.
“We would like to collaborate more with Japan and [South Korea] so we can bring into full play the advantages of the consumer market of China. Enterprises from Japan and [South Korea] could help to create more jobs and gain benefits, and they also allow the Chinese consumers to have more options in the market,” said Li.
Abe said Japan was willing to collaborate with both neighbours and Asean to “take trade to a new level”.
Tongji University assistant professor Young-June Chung said cooperating with China on trade was a “win-win” for all three countries.
“President Xi [Jinping] has made it pretty clear that China is going to be the front-runner of global free trade, as opposed to [US President Donald] Trump who is pursuing protectionist trade policies.”
THE STRAITS TIMES (SINGAPORE)/ANN