The business communities of Korea, the US, and Japan convened at the Federation of Korean Industries (FKI) hosted Korea-US-Japan Business Dialogue in Washington, DC. The aim of the Business Dialogue is to initiate a formal trilateral discussion.
The three top economic organizations from Korea, the US, and Japan jointly announced the start of a private-sector business interaction during the meeting. This event coincided with the first-ever Korea-US-Japan Industry Ministers’ Meeting in Washington. They also decided to schedule frequent meetings going forward.
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Focus sectors
This consultation, which the three nations’ businesses have convened in conjunction with the US Chamber of Commerce and the Japan Business Federation (Keidanren), represents a major cooperative effort to work in artificial intelligence (AI), clean energy, semiconductor supply chains and export controls.
Ahn Duk-geun, the Korean Minister of Trade, Industry, and Energy, warmly hailed the launch of the trilateral commercial discussion. He also convened the first trilateral industrial ministerial meeting with Minister Saito and Secretary Raimondo prior to the meeting. They reaffirmed their commitment to working together to develop trilateral industrial cooperation and coordinated responses to global risks.
Companies joining hands
Ten US corporations, including Intel, Micron Technology, Qualcomm, and Amazon; eight Japanese companies, including Toyota, Sony, Hitachi, and Sumitomo; and eight Korean companies, including Samsung Electronics, SK, Hyundai Motor Company, Hanwha, Posco, Hyosung, and LS, participated in the discussion. A memorandum of agreement was signed at the occasion to further collaboration between Keidanren, the US Chamber, and the FKI.
Korea-US-Japan Business Dialogue once a year
The MOU builds on the agreement made during the trilateral summit of the presidents of the three nations at Camp David in August of last year, with a pledge to enhance trilateral cooperation in economic security and technology. The three countries have agreed to hold the Korea-US-Japan Business Dialogue at least once a year as part of this commitment. It was also decided that these corporate talks would take place at the same time as meetings with the leaders of state or government of the three nations.
Stable economic cooperation b/w Countries
FKI Vice Chairman Kim Chang-beom stated that more stable economic cooperation among the three countries will result from the trilateral cooperation in the industrial and economic sectors that was discussed at the trilateral summit.
Charles Freeman, Senior Vice President of the US Chamber, stated that work with the FKI and Keidanren to organize biannual working group meetings and annual general meetings to implement the MOU will continue.
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Better Policy making
Managing Director of Keidanren Ichiro Hara said that this would enable the business sector to have a voice in the policy-making process of the three governments. Moreover, with the backdrop of the unpredictable global geopolitical setting, the importance of cooperation among the three countries has increased. This cooperation is envisaged to be enhanced by the newly established tripartite framework.
About the Author
Manasi Gawali is an economics graduate from St. Xavier’s College, Mumbai. She is passionate about economics and finance. She enjoys research, writing poems, music, and travel.
