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A third of global GDP covered by Korea-US-Japan partnership
Trilateral agreement aims to better control supply chain disruptions, enhance cooperation on futuristic areas such as AI, spaceBy Song Seung-hyun
Published : Aug. 20, 2023 - 14:54
The leaders of South Korea, the US and Japan reached an agreement to establish a trilateral economic security partnership, during a summit held at the Camp David presidential retreat in Maryland on Friday.
The trilateral summit was held between Korean President Yoon Suk Yeol, US President Joe Biden and Japanese Prime Minister Fumio Kishida.
"We anticipate enhanced stability within our supply chains, financial markets and foreign exchange markets, along with seamless collaboration in cutting-edge science and technology," said Yoon during a joint press conference following the summit.
The presidential office also emphasized the economic power of the Korea-US-Japan trilateral cooperation, highlighting that these three nations collectively account for one-third of the world's GDP and trade volume.
As part of the partnership, the three nations agreed to launch pilot programs for early warning systems about supply chain disruptions.
Under this system, the three countries will identify products and materials — such as critical minerals and rechargeable batteries — and establish mechanisms to rapidly share information on disruptions to crucial supply chains.
Choi Sang-mok, Korea's senior presidential aide for economic affairs, underscored the significance of this trilateral cooperation.
"Around the world, 80 percent of semiconductor manufacturing equipment is supplied by the three countries -- Korea, the US and Japan. Moreover, when it comes to core materials for chips, Japan alone is responsible for over 50 percent of the supply,” Choi said.
“Next year, 3 out of 4 major electric vehicle batteries in the US will be produced by Korean companies,” he added.
Furthermore, the Korea-US-Japan alliance will continue building on shared leadership in the minerals security partnership.
Launched in June 2022, the initiative aims to bolster critical mineral supply chains in line with their growing demand for clean energy and other major technologies in a way that helps nations realize the full economic development benefit of their geological endowments.
The three nations also placed significant emphasis on cooperation in critical and emerging technologies.
“For key emerging technologies that will become game changers in the future -- such as AI, space and quantum technology -- the three countries will establish a collaborative platform that spans the entire cycle, from joint development to international standardization, technology protection and talent exchange,” Choi said.
Financial stability cooperation such as the bilateral currency swap agreements between Korea and the US and between Korea and Japan will be expanded to a trilateral level.
The South Korea-US-Japan alliance envisions that with the stability of financial and foreign exchange markets, trade and investment cooperation among the three nations will expand accordingly.
In addition, the Korea-US-Japan alliance reached an agreement to establish a new conference of finance ministers.
The longstanding tradition of annual high-level cooperation between the foreign affairs and defense ministers has also been expanded to include trade and industry ministers.
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