"If Korea and Japan were to develop into a single-market economic partnership like the EU, it would not only create tremendous synergies but also contribute to peace in Northeast Asia," said SK Group Chairman Chey Tae-won.
On December 4 (local time), Chey, who is also the chairman of the Chey Institute for Advanced Studies, attended the "2023 Trans-Pacific Dialogue (TPD)" organized by the institute near Washington, D.C., and further elaborated on the idea of a Japan-Korea economic partnership, which he recently stated at the Tokyo Forum.
In the first session on "A New Era in Japan-Korea Relations and Trilateral Cooperation," Chairman Chey Tae-won emphasized that "Korea and Japan have enjoyed many benefits from the WTO system, but these benefits are now disappearing, and China, which used to be a large market, has turned into a strong competitor."
"Cooperation between Korea and Japan can be a solution to this situation," he said.
"Korea and Japan are facing the same problems of aging, population decline, and low economic growth, and it is difficult for them to maintain their current economic status," Chey continued, "and the way to solve this is through economic cooperation models such as the EU."
"The EU started as an economic union between France and Germany in industries such as steel and coal, but it has grown to become the third largest market in the world," Chey said, adding that Korea and Japan can also enjoy many synergies if they cooperate in areas such as energy and semiconductors.
"If Korea and Japan form a strong economic alliance and grow into a large market, it will create opportunities for their neighbors, China and Russia, to join in, and eventually bring peace to the entire Northeast Asia, including the North Korean issue," Chey said.
At the gala dinner, Chey also emphasized the effectiveness of the Korea-Japan Economic Cooperation Organization and the need for further economic cooperation among the three countries.
"Both Korea and Japan import a lot of energy, accounting for more than 30 percent of the world's LNG imports," Chey said, adding that the three countries can gain synergies in areas such as tourism and startup platforms, as well as bargaining power with LNG and oil exporters.
Chey further emphasized that if the TPD works together with the U.S., the trilateral economic community of Korea, the U.S., and Japan could become a $30 trillion-plus economy.
The TPD is a collective intelligence platform that brings together former and current senior officials from the three countries, as well as world-renowned scholars, think tanks, and business leaders, to discuss international issues in Northeast Asia and the Pacific and seek solutions for economic and security cooperation, and is now in its third year since its inception in 2021.
With the increasing uncertainty in the international situation, this year's TPD was held on December 4 and featured various discussions on topics such as trilateral cooperation between Korea, the United States, and Japan, US-China strategic competition and the Taiwan issue, the geopolitical impact of scientific innovation and the future of global supply chains, and the North Korean nuclear crisis.
In particular, while last year's TPD focused on mutual cooperation between the two countries and revitalizing bilateral exchanges, this year's TPD went a step further and expanded to discuss trilateral cooperation between the United States, Japan, and Korea.
