The Korea Institute for International Economic Policy (KIEP) held a virtual experts meeting under the theme of “Strengthening Korea-China-Japan Economic Cooperation under the Current Situation” in joint with the China Center for International Economic Exchanges (CCIEE), and the Japan-China Economic Association (JCEA) on June 18, 2021.

Sung-Chun Jung, Vice President at KIEP, began his opening speech with the new challenges Korea, China, and Japan are facing due to increasing uncertainties in the global trade environment. He then stressed the necessity of in-depth discussions between the countries on new trade issues such as joint measures against COVID-19, cooperation for establishing an economic community, responding to digital trade and climate change, etc.

As the second speaker of the opening session, Sadahiro Sugita, Managing Director of JCEA, emphasized the need for cooperation in the economic and trade, science and technology, and industry and energy sectors of the three countries, and particularly in the areas of carbon neutrality, green strategy and promoting ESG.

In his opening remarks, YanSheng Zhang, Chief Researcher of the China Center for International Economic Exchanges (CCIEE), noted that Korea, China and Japan are facing new challenges such as the retreat of globalization, decline in the volume of world trade and reorganization of GVCs. He also stated new opportunities for cooperation between three countries are expected as China is planning to expand its role in the global market through its “dual circulation” strategy, which aims at further opening of the Chinese domestic market.

Gyu-Pan Kim, Senior Research Fellow at the Japan and East Asia Team of KIEP, stressed that the RCEP and CPTPP are the driving forces for strengthening economic cooperation between Korea, China and Japan. He also suggested promoting bottom-up cooperation by utilizing cooperation between the local governments of the three countries.

Wang Xiaohong, Deputy Director of the Information Department of CCIEE, called for Korea, China, and Japan to expand cooperation in service trade and the digital economy, and proposed to lead global trade and investment by establishing a new cooperation platform in the region through the RCEP, Korea-China-Japan FTA, and CPTPP. 

Takamoto Suzuki, Economic Research Team Manager of Marubeni China Co., Ltd., emphasized the role of private exchanges based on new comparative advantages in regional economic cooperation, and called for expanding online exchanges and cooperation between Korea, China and Japan in the post-COVID-19 era.

Wonho Yeon, Associate Research Fellow at the Chinese Economy and Trade Team of KIEP, stressed that international economic, security and political issues are becoming more integrated, and Korea, China and Japan need to avoid situations such as weaponizing the global supply chain, subsidy wars and independently establishing exclusive supply chains.

Liu Xiangdong, Deputy Director of the Department of Economic Research at CCIEE, emphasized trilateral cooperation in the post-COVID-19 using digital measures, stabilizing the regional supply chain and green energy in response to climate change.

Finally, Kwai Gen, Director of JCEA Beijing Office, evaluated energy cooperation as a highly feasible area for cooperation between Korea, China and Japan to achieve carbon neutrality.

- Title: Strengthening Korea-China-Japan Economic Cooperation under the Current Situation

- Date & Time: Friday, June 18, 2021, 09:30-12:30

- Venue: KIEP Conference Room

- Co-Hosts: Korea Institute for International Economic Policy (KIEP), China Center for International Economic Exchanges (CCIEE), and the Japan-China Economic Association (JCEA)

- Contact: Jin Hee Hong, Chinese Economy and Trade Team (jhhong@kiep.go.kr)