South Korea, China and Japan have agreed to fight against protectionism amid growing pressure from U.S. President Donald Trump’s protectionist policies.
Finance ministers and central bank governors of the three nations made the pledge Friday, in a joint statement issued on the sidelines of an annual gathering of the Asian Development Bank in Yokohama, Japan.
The three nations agreed that trade is one of the most important engines of economic growth and development, and they will “resist all forms of protectionism.”
The rhetoric is considered stronger a statement issued by the financial chiefs of the Group of 20 economies in March, which dropped the line against protectionism due to opposition from the United States.
The three nations also said they will actively use their fiscal and monetary policies for sustainable growth and to strengthen trilateral financial cooperation to secure stability in the Asian market.
Chief financial policymakers of the three nations will meet again in May next year, in the Philippines.