A free trade pact could see strongest economic ties yet for China, Japan and South Korea. Can they make it happen?

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If China, Japan, and South Korea can secure a three-way free trade agreement (FTA ), they will all benefit, according to experts, but they will have to overcome significant obstacles brought on by geopolitical tensions and other issues.

Conversations over a free trade agreement have been in jeopardy since 2019 but it was finally brought up next Monday at a multilateral conference attended by South Korean President Yoon Suk Yeol, Foreign Premier Li Qiang, and Japanese Prime Minister Fumio Kishida.

The three frontrunners pledged at the conference, which was the first in four decades, to rekindle discussions on the FTA. &nbsp,

Mr. Li, a Chinese official, urged South Korea and Japan to “deepen economic and trade connection, maintain the stability and softness of the commercial chain and provide chain, and continue and finish the negotiations of the China-Japan-South Korea FTA as soon as possible.”

Three days later on May 30, China’s Ministry of Commerce said it stood prepared to speed up conversations.

According to government spokesman He Yadong, according to state media agency Xinhua, the Chinese side attaches a lot of significance to discussions on the FTA, which is anticipated to contribute to the regular recovery of the local and even world economies.

Asian President Yoon, however, said the three nations had “decided to create a clear and predictable setting for trade and investment, and to build a healthy supply chain”.

Business leaders agreed to set up a working class to do joint study on economic cooperation in the private sector at a multilateral business meeting following the summit.

BUILDING ON Proposal

The three nations have strong economies. They account for about 25 % of the global gross domestic product ( GDP ) and have a trading volume of more than US$ 800 billion in total each year.

China is the largest trading partner of Japan and South Korea, while Japan and Korea are China’s fourth and fifth largest buying lovers, both.

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