Recently, Chinese Foreign Minister Wang Yi visited Tokyo. The 11th Trilateral Foreign Ministers' Meeting Among China, Japan, and South Korea - The first since November 2023. During his visit, he also jointly chaired the Sixth China-Japan High-Level Economic Dialogue with Japan’s Foreign Minister Takeshi Iwaya.
The outcomes were encouraging: 20 areas of agreement arose from the economic discussion, covering topics from trade to sustainable growth, along with a pledge to convene another meeting. tripartite summit scheduled for the end of the year .
A few days prior, during the 20th Roundtable Japan event in Tokyo, I observed an evident drive towards collaboration within East Asia. The geographical closeness binds our three countries as neighbors with whom we can’t avoid interaction. Given this nearness, it’s crucial that we emphasize our geopolitical ties, leveraging our combined capabilities for shared prosperity.
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Our economic interdependence is a cornerstone of regional stability. Last year, China-Japan trade hit US$293 billion - Japan is China's second-largest trading partner, while China is Japan's top trading partner and import source, though the second-largest export market after the US. South Korea's exports to China, its biggest market, rose by 6.6 per cent last year. Investment flows thrive too: Japanese companies bolster China's manufacturing while Chinese firms leverage South Korea’s technology industries.
Yet, global trade faces headwinds. The return of US President Donald Trump signals renewed protectionism , with tariff threats and a US-led North American bloc looming.
Wang has stressed that talks on a China-Japan-South Korea free trade agreement is expected to resume shortly. Building on the Regional Comprehensive Economic Partnership (RCEP), RCEP ), which has increased intraregional exports, such an agreement could utilize Japan's expertise in precision manufacturing, South Korea's leadership in semiconductors, and China's strength in logistics.
China is likewise working towards frameworks like the Digital Economy Partnership Agreement The Digital Economy Partnership Agreement (DEPA), launched by New Zealand, Singapore, and Chile, along with the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). CPTPP ). Japan, a CPTPP linchpin, could support China's accession, fostering shared prosperity.
Apart from trade, collaboration should tackle shared regional issues. Firstly, ageing populations present a crisis. China is facing significant pressure on its healthcare and pension systems due to having more than 300 million individuals who are 60 years old or above, constituting almost one-fourth of its total population. Meanwhile, Japan, with years of experience in this issue, continues to grapple with similar challenges. elderly care and robotics , and South Korea, with their advancements in healthcare technology, provide exemplars worthy of emulation. Collaborative research might transform this demographic change into an opportunity.
Secondly, addressing climate change requires collaborative efforts. As we share the same environment, our concerns range from air pollution to various maritime risks. In recent discussions, this has been a topic of considerable focus. September 20 consensus reached between China and Japan committing to transparency over the management of radioactive water from the Fukushima nuclear plant.
Third, supply chain resilience is vital amid disruptions. China's ports, railways and workforce complement Japan's manufacturing and South Korea's semiconductor expertise. Our proximity positions us to forge secure, efficient supply chains - imagine a "Made in East Asia" label rivalling global competitors.
Economic connections make up just part of the narrative. Our common cultural background – deeply rooted in Confucianism and Buddhism – promotes mutual comprehension. These philosophies stress harmony and respect, which facilitate smoother interactions between governments and communities alike.
Among youth, this bond thrives: K-pop fans in China , anime lovers in South Korea and Chinese students in Japanese universities fuel a dynamic cultural exchange. Tourism amplifies this connection - China's visa facilitation measures , coupled with Japan's hospitable policies, have led to an increase in visitors.
This demonstrates the impact of open borders and a common heritage. With these connections strengthening, political divisions weaken, setting the stage for a unified East Asia.
The trend toward regional integration is accelerating, and Asia needs to take advantage of this moment to assume a leadership role. With their significant economic clout, China, Japan, and South Korea – which together account for approximately 1.6 billion individuals – should collaborate with ASEAN and other allies to drive this initiative forward. Over time, they might establish something akin to an “Asian Union” capable of uniting almost half of the global populace and economy by mid-century.
McKinsey forecasts that Asia will account for half of the world's consumption growth by 2030, underscoring our innovative potential; China plays a key role in this development. nearly half The world’s premier AI professionals are highly sought after, with both Japan and South Korea ranking as leading nations in terms of patents filed.
DEPA's focus on digital trade enhances both the RCEP and CPTPP, strengthening regional resilience and solidifying Asia’s position as a leading force in global digitization. These agreements might initiate collaborative projects like synchronized AI research centers connecting Beijing, Tokyo, and Seoul, or a consolidated digital framework. e-commerce platform streamlining trade.
The collective market scale and innovative potential we possess match those of any alliance, providing an alternative to Western supremacy and lessening dependence on outside entities. Achieving this success may galvanize wider Asian solidarity, ranging from unified 5G standards to collaborative space ventures. Through integrating economic strength, advanced technology, and cultural ties, we have the opportunity to transform collaboration into a powerful catalyst for worldwide unification.
China, Japan, and South Korea form the cornerstone of Asia. Amid global fragmentation, they serve as our anchor. Economic exchanges, interconnected supply chains, and shared cultural ties overshadow disputes. The agreements made in Tokyo demonstrate practical collaboration at work. We should leverage these assets to forge an Asian era—right now.
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This article originally appeared on the South China Morning Post (www.scmp.com), the leading news media reporting on China and Asia.
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