China, Japan, and South Korea Explore Collaboration in Big Data, Blockchain, and AI

Disclosure: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions. We may utilise affiliate links within our content, and receive commission.

China, Japan, and South Korea are forging ahead with plans to enhance collaboration in advanced technology sectors such as big data, blockchain, and artificial intelligence (AI).

During the 10th China-Japan-ROK Foreign Ministers’ Meeting held in Busan, South Korea, the three nations reaffirmed their commitment to regional development and multilateral cooperation.

Chinese Foreign Minister Wang Yi called on China, Japan and South Korea to jointly strengthen cooperation in big data, blockchain, and artificial intelligence, and to restart negotiations on the China-Japan-South Korea Free Trade Agreement. https://t.co/YB8Ip6FBBB

— Wu Blockchain (@WuBlockchain) December 3, 2023

At the event, Chinese Foreign Minister Wang Yi stressed the importance of revitalizing negotiations for the China-Japan-South Korea Free Trade Agreement, citing the need to expedite economic recovery in the region and the world at large.

Yi emphasized the goal of achieving regional economic integration and establishing the Asia-Pacific Free Trade Area, promoting mutual benefits and win-win outcomes among the three nations.

He urged China, Japan, and South Korea to remain steadfast in their original objectives while adapting to new challenges.

The focus was on respecting each country’s unique development paths and addressing sensitive issues, laying a strong foundation for stable and long-term trilateral cooperation.

South Korean and Japanese Ministers Highlight Importance of Collaboration

South Korean Foreign Minister Park Jin and Japanese Foreign Minister Yoko Kamikawa also highlighted the importance of enhanced cooperation.

Both ministers acknowledged the vast potential for collaboration across various sectors, recognizing that such cooperation can contribute to regional and global peace and prosperity beyond Northeast Asia.

The three nations agreed to facilitate the forthcoming China-Japan-South Korea leaders’ meeting to exchange views on pressing regional and international issues, reaffirming their commitment to deepening regional cooperation through peaceful dialogue and maintaining peace in the Asia-Pacific region.

The decision to intensify efforts in technology sectors like big data, blockchain, and AI signifies a significant leap forward in regional innovation and economic growth.

By pooling their resources and expertise, China, Japan, and South Korea aim to become global leaders in these crucial fields.

The revival of negotiations for the China-Japan-South Korea Free Trade Agreement can be pivotal in facilitating stronger regional economic integration.

In the face of a sluggish global economic recovery, the decision can exhibit the determination of these East Asian nations to stimulate economic growth and trade.

The growing collaboration between these East Asian countries comes as the South Korean prosecution unit dedicated to investigating crypto crime is already “overloaded” with cases as the country’s digital asset industry continues to gain momentum.

One of the agency’s first cases was the investigation into Terraform Labs, CEO Do Kwon and other executives, and the LUNC cryptoasset.

The surge in crypto-related cases comes as crypto scams surge in South Korea.

Back in May, South Korean police shut down two suspected crypto scams worth a combined $350 million, with hundreds of victims believed to have been duped.