Business organizations from Japan, South Korea and China decided Monday to set up a working group to study economic cooperation in the private sector after their nations agreed to deepen economic ties at a trilateral summit in Seoul.
The "Business Summit" was held by the Japan Business Federation, also known as Keidanren, the Korea Chamber of Commerce and Industry, and the China Council for the Promotion of International Trade.
The organizations said in a joint statement, "Growing uncertainties in the global economic environment have triggered the necessity for a joint trilateral response and preemptive coordination on trade issues."
Japanese Prime Minister Fumio Kishida, South Korean President Yoon Suk Yeol and Chinese Premier Li Qiang participated in the gathering after they agreed at their summit to resume negotiations toward signing a three-way free trade agreement.
Kishida said in his speech, "We will strive to ensure a free and fair business foundation so that private companies in the three nations can make the most of their capabilities."
