December 6, 2023
By Sharan Kaur Phillora
China, Japan, and South Korea have announced a significant collaboration in advanced technology sectors such as big data, blockchain, and artificial intelligence (AI). This collaboration, unveiled during the 10th China-Japan-ROK Foreign Ministers’ Meeting in Busan, South Korea, represents a strategic endeavor to boost regional technological prowess and economic integration.
Here’s what we know:
Chinese Foreign Minister Wang Yi played a pivotal role in spearheading this initiative. He emphasized the importance of rejuvenating the China-Japan-South Korea Free Trade Agreement negotiations, which is crucial for accelerating economic recovery in the region and globally. Wang Yi’s vision extends to the establishment of the Asia-Pacific Free Trade Area, aiming at promoting mutual benefits and win-win outcomes for the three nations.
Yi underscored respecting each country’s unique development paths and addressing sensitive issues. This approach is vital for laying a solid foundation for stable and long-term trilateral cooperation. His call for the three countries to adapt to new challenges while remaining steadfast in their original objectives marks a significant step in regional diplomacy.
South Korean Foreign Minister Park Jin and Japanese Foreign Minister Yoko Kamikawa also echoed the sentiments of enhanced cooperation. They acknowledged the vast potential for collaboration across various sectors, recognizing its contribution to regional and global peace and prosperity.
The decision to intensify efforts in key technology sectors signifies a significant leap forward in regional innovation and economic growth. China, Japan, and South Korea are positioning themselves as global leaders in these critical fields by pooling their resources and expertise.
This collaborative venture comes at a time when the South Korean prosecution unit dedicated to investigating crypto crime is overwhelmed with cases, reflecting the rapid growth of the country’s digital asset industry. This includes high-profile investigations, such as the one involving Terraform Labs, its CEO Do Kwon, and the LUNA cryptoasset, highlighting the emerging complexities in the digital age.
The growing partnership between these East Asian powerhouses demonstrates their determination to stimulate economic growth and trade, especially in the face of a sluggish global economic recovery. It’s a testament to their commitment to leveraging technological advancements for regional and global benefits.
About the author
Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.