South Korea, Japan, others can jointly respond to changing trade order: PM Kim Min-seok

Seoul, Oct 2 (IANS) Prime Minister Kim Min-seok said on Thursday that South Korea, Japan and other Asian nations can jointly respond to the changing trade order amid unprecedented uncertainties in the global economy.

Kim made the remark during a forum hosted by The Korea Herald as he underscored the importance of cooperation between Asian countries, which account for nearly half of the world's gross domestic product.

"With the economic slowdown, rising geopolitical tensions, realignment of global supply chains and rapid changes to the trade order, it is in fact a wave," he said, before also listing the challenges of AI and a major energy transition, Yonhap News Agency reported.

"We cannot overcome these crises and challenges through the efforts of individual countries alone," he said. "I believe that Asian nations, including South Korea and Japan, can jointly respond to the polycrisis that includes the changing trade order."

Kim mentioned South Korea's free trade agreements with countries such as China, India and Vietnam, and noted that FTA negotiations are underway with other Asian nations.

He said talks are underway to resume negotiations for a trilateral FTA involving South Korea, China and Japan, while Seoul reviews whether to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

On the upcoming Asia-Pacific Economic Cooperation summit to be held in the southeastern city of Gyeongju on October 31 and November 1, the prime minister said South Korea plans to share its future vision for AI as it seeks to ensure cutting-edge technologies contribute to global innovation and prosperity.

On September 30, South Korean President Lee Jae Myung held summit talks with outgoing Japanese Prime Minister Shigeru Ishiba in the southeastern city of Busan and agreed to cooperate to tackle shared challenges such as low birth rates and an ageing population.

The meeting came about a month after Lee's visit to Tokyo, during which Lee suggested holding their next meeting in South Korea outside of Seoul.

In their third summit talks, Lee expressed hope that the two Asian neighbours could work together to tackle shared social challenges, such as overconcentration in the capital region, and that their leaders meet frequently to establish "shuttle diplomacy."

"I hope that the two countries can build a very close relationship that goes beyond relatable social issues to encompass economic and security issues, and even emotional understanding," Lee said in his opening remarks. "I also hope today's summit will serve as a cornerstone for creating a new chapter in Korea-Japan relations."

Ishiba, who announced his resignation earlier this month, said it was meaningful to conclude his final diplomatic engagement as prime minister with a summit with Lee.

"I hope that Korea and Japan can work closely together, maintain frequent exchanges and achieve tangible outcomes of shuttle diplomacy," he said through a translator.

He also expressed hope that the two countries would share experiences to tackle common challenges such as population decline, low birth rates and overconcentration in the capital region, as well as low self-sufficiency in agriculture and energy. He further suggested resuming the bilateral Science and Technology Cooperation Committee.

--IANS

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