Seoul, Tokyo, Beijing Biz Leaders Agree to Form Private-sector Economic Consultative Body

Business leaders of South Korea, Japan and China have agreed to form a trilateral economic consultative body to promote economic cooperation and resolve pending issues, the country's main business lobby said on Monday.

Chey Tae-won, Chairman of the Korea Chamber of Commerce and Industry (KCCI); Masakazu Tokura, Chairman of the Japan Business Federation (Keidanren); and Ren Hongbin, Chairman of the China Council for the Promotion of International Trade (CCPIT), announced a statement on the trilateral partnership in Seoul as quoted by Yonhap news agency report.

The eighth trilateral business summit, which took place for the first time in four-and-a-half years in Seoul, comes on the sidelines of the ninth trilateral summit of leaders from the three nations.

The KCCI, Keidanren, and the CCPIT said in the statement that they had reached a consensus on the need to set up a private-sector, working-level consultative body to jointly respond to pending trade issues amid growing business uncertainties.

"Geopolitical risks and changes in international trade environments are still adding uncertainties to the three economies. On top of that, climate change, low birth rates, and aging societies have emerged as common issues for them to tackle," Chey said in an opening speech.

Chey, who leads South Korea's chips-to-battery conglomerate SK Group, initially proposed the trilateral consultative platform in the private sector.

The three business lobby groups have also agreed to cooperate in digitalisation, trade, and supply chains for the growth of the three countries while vowing to make joint efforts on the issues of carbon emissions and aging societies for sustainable growth, the statement said.

"The three countries are inseparable neighbours and companions as they have long been the biggest trading partners. We hope business leaders will play a pivotal role in strengthening the trilateral economic partnership and benefit from the partnership," CCPIT Chairman Ren Hongbin said.

The ninth trilateral business summit is scheduled to be held in Japan.