China, Japan and Korea join hands to “cultivate their own fields”

The Chinese Foreign Ministry recently announced that the ninth China-Japan-ROK Foreign Ministers’ Meeting will be held in Beijing on the 21st. At that time, South Korean Foreign Minister Kang Jinghe and Japanese Foreign Minister Taro Nono will attend the event in Beijing to discuss the future of the three countries and exchange views on international issues.

Regrettably, the current relationship between Japan and South Korea is “political cold and cool”, Sino-US relations trade friction, forming a crisscross axis in Northeast Asia, making China-Japan-Korea cooperation face unprecedented difficulties and challenges. In the face of the new situation, China is both the 10+3 presidency and the chairman of the China-Japan-ROK Leaders’ Meeting. It takes some effort to find new cooperation points, explore new ways of cooperation, and promote regional cooperation with new cooperation. The relationship is relaxed and the economic development in the region is promoted.

Twenty years ago, the leaders of China, Japan and South Korea jointly responded to the crisis and established a “10+3” cooperation mechanism with the ASEAN leaders to promote the formation of an industrial chain, a value chain and a cultural circle with unique East Asian characteristics, and opened up different social systems. Models of cooperation between different levels of development and different cultural civilizations. Nowadays, as the core channel of cooperation in East Asia, “China, Japan and Korea” must also take great wisdom to defend the multilateral, open and free trade system and resist against globalization and trade protectionism.

The economic aggregates of the three countries of China, Japan and South Korea are of great importance in the West Bank of the Pacific Ocean. Together, they are also known in the world. In 2018, China, Japan and South Korea exported a total of 3.8 trillion US dollars to the world, accounting for 20.1% of the world’s total exports. Imports totaled 3.4 trillion US dollars, accounting for 17.2% of the world. If the China-Japan-Korea Free Trade Zone is successful, it will undoubtedly be a “power of shackles” in the world trade arena. In the construction of the free trade zone, China, Japan and South Korea adopted an open, open and unconstrained approach. The three countries not only reached a free trade agreement with ASEAN and its major member states under the 10+3 framework, but also signed a variety of agreements with the region and beyond. The type of “Free Trade Agreement”, as a world-class trade distribution center, effectively promoted the expansion of global free trade. South Korea has also signed a free trade agreement with China, the United States and Europe in the world’s three major markets, which has greatly improved the free trade coverage. As of the end of June 2018, South Korea and China, the United States and Europe signed 15 groups of FTA, FTA coverage rate of 68.2%, called the free trade zone students. Japan has also selectively signed several Bilateral Economic Partnership Agreements (EPAs) and has reached the “Japan-Europe EPA” and the “Comprehensive Progressive Trans-Pacific Economic Partnership Agreement” (CPTPP). At the same time, the three countries have actively promoted the Regional Comprehensive Economic Partnership Agreement (RCEP) including ASEAN+China, Japan and Korea+Australia and India, as well as the “China-Japan-Korea Free Trade Zone” negotiations, and extensively constructed FTA positions. The unconstrained and actively open free trade cooperation mechanism explored by China, Japan and Korea, and 10+3 and APEC mutual support, effectively safeguarded the authority of the World Trade Organization (WTO) and supported the WTO-led multilateral free trade. system.

In the past 20 years, China, Japan and South Korea have become each other’s major trading partners, and their trade status is close to that of the United States. For example, China, the United States and South Korea have become the top three trading partners of Japan for 10 consecutive years. China, Japan and South Korea are interdependent in the core Asian trade, and have developed rapidly. The import and export of the world has tied Europe. For example, in 2018, Asian exports totaled 6.5 trillion US dollars, close to Europe’s 6.9 trillion US dollars, about North America (21,000). Three times as much as $100 million. Asia-Europe exports account for 70% of the world’s total. This means that the “Belt and Road” based on the Eurasian continent will become the main battlefield of global trade, and the “Belt and Road” featuring investment and development orientation will also become a new trend of globalization. Recently, the US 10-year bond and 2-year bond yields are upside down, reflecting that the expected return on investment in the US market is no longer attractive to attract world investment. The ultra-large-scale investment demand released by the “One Belt, One Road” vast world will surely evolve an unprecedented investment effect. This determines the future direction of regional cooperation and international rules. It should not be a drift to the other side of the Pacific Ocean, but should be based on the Eurasian continent. Therefore, it is even more necessary to prevent “cultivating other people’s fields and ruining their own land.”

With the rapid development of new technologies such as 5G, artificial intelligence, Internet of Things, and big data, as well as the deepening of the simultaneous reform of China, Japan and Korea, the technological and institutional innovations of the three countries go hand in hand, and new technologies and industries lead the world. Relying on the large market of RCEP with a population of about 3.5 billion, Asia’s new technologies, new industries, and new product standards will surely be recognized by the market. Therefore, “digital trade” will naturally form in this vast region, promoting the world’s “digital economic center.” “East moved to Asia. In this way, China-Japan-ROK cooperation will have to be considered longer and more extensively, taking into account future WTO reforms so that it can cover the requirements of economic forms and digital forms of trade.