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Following a hiatus of more than two years, the Seventh China-Japan-Republic of Korea (ROK) Leaders’ Meeting finally convened in Tokyo on May 9, during which the leaders of the three countries reaffi rmed their commitment to economic globalization as well as the liberalization of trade and investment, while also vowing to promote denuclearization and maintain peace and stability on the Korean Peninsula. The meeting also coincided with Chinese Premier Li Keqiang’s official visit to Japan, the fi rst by a Chinese premier in eight years.

The resumption of the tripartite meeting and Li’s visit to Japan are believed to forecast a further easing of diplomatic tensions in East Asia and a real thaw in China- Japan relations after years in the cold.

The Tokyo trilateral meeting came amid a series of signifi cant changes to international and regional circumstances, particularly progress on the Korean Peninsula after North Korean leader Kim Jong Un’s successful trips to China and summit with South Korean President Moon Jae In, as well as U.S. President Donald Trump’s assault on the world’s multilateral system of trade by instigating confl icts with several major economies. Against this backdrop, the exchange of views between the three countries on regional and global issues is of great signifi -cance for advancing strategic cooperation and maintaining regional stability and prosperity.

According to Jiang Yuechun, a senior researcher with the China Institute of International Studies (CIIS), Li’s official visit to Japan marked a warming of China-Japan ties, which is signifi cant not only to bilateral relations between the two economic powerhouses but also to the peace and prosperity of East Asia.

Promoting free trade

In Tokyo, leaders of the three countries pledged to boost free trade against a rising undercurrent of protectionism around the world. In a joint statement released after the meeting, the three nations reiterated their intention to accelerate the negotiation of a trilateral free trade agreement (FTA) and the realization of the Regional Comprehensive Economic Partnership (RCEP) as early as possible.

China, Japan and South Korea are three of the world’s major economies with a combined GDP accounting for more than 20 percent of the global total. All three are export-oriented economies and have a huge stake in each other’s markets. Statistics from China’s General Administration of Customs show that the China-Japan bilateral import and export of goods in 2017 reached around$303 billion, an increase of 10.1 percent year on year. Exports from Japan to China stood at $137 billion while imports from China were $166 billion. China and the ROK are the second and the third biggest importers for Japanese products respectively, as well as its fi rst and fourth largest exporters.

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