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China, Japan and South Korea are moving forward with plans to improve cooperation in advanced technology sectors such as big data, blockchain and artificial intelligence (AI).
At the 10th China-Japan-ROK Foreign Ministers Meeting held in Busan, South Korea, the three countries reaffirmed their commitment to regional development and multilateral cooperation.
Chinese Foreign Minister Wang Yi called on China, Japan and South Korea to jointly strengthen cooperation in big data, blockchain and artificial intelligence and renegotiate the China-Japan-South Korea Free Trade Agreement start. https://t.co/YB8Ip6FBBB
— Wu Blockchain (@WuBlockchain) December 3, 2023
At the event, Chinese Foreign Minister Wang Yi stressed the importance of reviving the China-Japan-South Korea Free Trade Agreement negotiations, citing the need to promote economic recovery in the region and the world as to speed it up completely.
Yi emphasized the goal of achieving regional economic integration and establishing the Asia-Pacific Free Trade Area, promoting mutual benefits and win-win outcomes among the three countries.
He urged China, Japan and South Korea to remain steadfast in their original objectives while adapting to new challenges.
The emphasis was on respecting each country’s unique development paths and addressing sensitive issues, creating a strong foundation for stable, long-term trilateral cooperation.
South Korean and Japanese ministers emphasize the importance of cooperation
South Korean Foreign Minister Park Jin and Japanese Foreign Minister Yoko Kamikawa also stressed the importance of closer cooperation.
Both Ministers recognized the enormous potential for cross-sectoral cooperation, and acknowledged that such cooperation can contribute to regional and global peace and prosperity beyond Northeast Asia.
The three countries agreed to facilitate the upcoming meeting of the leaders of China, Japan and South Korea to exchange views on pressing regional and international issues, reaffirming their commitment to deepening regional cooperation through peaceful dialogue and reaffirmed the maintenance of peace in the Asia-Pacific region.
The decision to intensify efforts in technology sectors such as big data, blockchain and AI represents 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 areas.
The revival of free trade agreement negotiations between China, Japan and South Korea could be crucial in facilitating stronger regional economic integration.
In the face of a sluggish global economic recovery, this decision may demonstrate the determination of these East Asian countries to boost economic growth and trade.
The growing cooperation between these East Asian countries comes as South Korea’s prosecution unit focuses on investigating crypto crimes is already “overloaded” with instances where the country’s digital asset industry continues to gain momentum.
One of the agency’s first cases was its investigation into Terraform Labs, CEO Do Kwon and other executives, and the LUNC cryptoasset.
The rise in crypto-related cases comes as crypto scams are on the rise in South Korea.
In May, the South Korean police two suspected crypto scams stopped with a total value of $350 million, which is believed to have duped hundreds of victims.