The Korea Chamber of Commerce & Industry (KCCI), Keidanren (Japan Business Federation), and China Council for the Promotion of International Trade (CCPIT) co-hosted the 8th Korea-Japan-China Business Summit in Seoul, Korea on May 27, 2024, in conjunction with the 9th Korea-China-Japan Trilateral Summit.

The Business Communities of Korea, Japan, and China welcome the 9th Korea-China-Japan Trilateral Summit and the outcomes thereof, and as a statement of private-sector support and economic cooperation between the three countries, we issue this Joint Statement.

1. Economic Revitalization

For the past few years, the pandemic and a rise in protectionism have imposed a series of challenges on the global economy, including a decline in trade and supply chain uncertainties. Korea, Japan, and China have likewise experienced a downturn in economic growth. Trilateral economic cooperation between Korea, Japan, and China has become an ever more urgent necessity.

In the interest of revitalizing the economy and promoting economic growth for the three countries, the Business Communities of Korea, Japan, and China pledge to cooperate on the facilitation of the digital transition, stimulation of trade, and stabilization of supply chains. The Business Communities also pledge to cooperate on the fostering of cutting-edge industries and industrial digitalization as key growth engines of the economy. Furthermore, the Business Communities were in full agreement on working to stimulate trade through the improvement of investment climates; stabilization of parts, materials, and resource supply chains; and cooperation in industry and trade. We welcome the 2025 APEC Summit hosted by Korea, Expo 2025 Osaka, Kansai in Japan, and the 2nd China International Supply Chain Expo to be held in 2024.

2. Sustainable Development

Amid a shift in the global environment, Korea, Japan, and China face the same challenge: the imperative to achieve sustainable development. The three countries are all manufacturing powerhouses, with industrial structures characterized by relatively high energy consumption. This necessitates a proactive response to the climate change crisis. Furthermore, rapidly aging populations and low birth rates have triggered demographic shifts that threaten sustainability.

In the interest of sustainable development for the three countries, the Business Communities of Korea, Japan, and China pledge to cooperate on the green transition, responses to aging populations, and healthcare. The Business Communities will work together on the development of carbon reduction technologies and resolution of regional environmental issues, and the Business Communities will also jointly respond to the international community's efforts regarding climate change. Furthermore, the Business Communities shared their experiences regarding industrial, labor, and welfare policies implemented as a result of aging populations and low birth rates; the Business Communities were in full agreement on the necessity for cooperation in the fields of healthcare and medicine.

3. Establishment of Working Group

Growing uncertainties in the global economic environment have triggered the necessity for a joint trilateral response and preemptive coordination on trade issues. Before, the Business Communities of Korea, Japan, and China had convened bilateral working groups; a working group for trilateral dialogue between the Business Communities of the three countries had not been convened.

The Business Communities of Korea, Japan, and China pledge to cooperate on the development of the Business Summit as an apparatus for trilateral cooperation. To this end, the Business Communities will convene a Working Group for joint research on private-sector economic cooperation and the discussion of current issues. We will continue to encourage trilateral cooperation and strengthen economic and trade exchanges.

The upcoming 9th Korea, Japan, China Business Summit is scheduled to be held in Japan, and we expect the Business Summit and the Working Group to serve as both catalyst and platform for economic cooperation.

Signed and announced in Seoul, Republic of Korea, on May 27th, 2024, in three original copies in English.