China, Japan, and South Korea are taking steps to enhance collaboration in advanced technology sectors such as big data, blockchain, and artificial intelligence (AI). During the 10th China-Japan-ROK Foreign Ministers’ Meeting held in Busan, South Korea, the three nations reaffirmed their commitment to regional development and multilateral cooperation.
Commitment to Regional Development and Cooperation
Chinese Foreign Minister Wang Yi emphasized the importance of revitalizing negotiations for the China-Japan-South Korea Free Trade Agreement. He stressed the need to expedite economic recovery in the region and the world by achieving regional economic integration and establishing the Asia-Pacific Free Trade Area. The goal is to promote mutual benefits and win-win outcomes among the three nations.
The focus is on respecting each country’s unique development paths and addressing sensitive issues, laying a strong foundation for stable and long-term trilateral cooperation. South Korean Foreign Minister Park Jin and Japanese Foreign Minister Yoko Kamikawa also highlighted the importance of enhanced cooperation, recognizing the vast potential for collaboration across various sectors.
Deepening Regional Cooperation
The three nations agreed to facilitate the forthcoming China-Japan-South Korea leaders’ meeting to exchange views on pressing regional and international issues. This reaffirms their commitment to deepening regional cooperation through peaceful dialogue and maintaining peace in the Asia-Pacific region.
This decision to intensify efforts in technology sectors like big data, blockchain, and AI signifies a significant leap forward in regional innovation and economic growth. By pooling their resources and expertise, China, Japan, and South Korea aim to become global leaders in these crucial fields.
The revival of negotiations for the China-Japan-South Korea Free Trade Agreement can be pivotal in facilitating stronger regional economic integration. In the face of a sluggish global economic recovery, this decision showcases the determination of these East Asian nations to stimulate economic growth and trade.
The growing collaboration between these East Asian countries comes at a time when South Korea is grappling with an overload of crypto-related cases. The country’s digital asset industry continues to gain momentum, leading to an increase in crypto scams. The South Korean prosecution unit dedicated to investigating crypto crime is already overwhelmed with cases. For instance, the investigation into Terraform Labs, CEO Do Kwon, and other executives, and the LUNC cryptoasset was one of their first cases. In May, South Korean police shut down two suspected crypto scams amounting to a combined $350 million, with numerous victims falling prey to these scams.
