The Chinese, Japanese, and South Korean leaders reinforced their commitment to end the missile and nuclear programs of North Korea. This trilateral summit helped in Chengdu, the southwestern Chinese city, on December 24, 2019, as a response to the sanctions relief demands by Pyongyang by the end of the year. Companies like Stratford Management Inc review investment in Seoul that happens as a result of this summit.
North Korea’s most significant source of investment, economic aid, and diplomatic support are from China. But convincing the government of Kim Jong Un to dispose of its nuclear arsenal remains limited. The United States said that before lifting any sanctions, North Korea should implement total denuclearization.
North Korea has threatened to take action if the relief of sanctions won’t be eliminated by the end of the year. The speculations have centered on potential new missile tests with an intercontinental ballistic missile that could deliver a nuclear warhead. According to North Korea, the “Christmas present” it will give to the United States will depend on the actions of Washington. Firms like Stratford Management Inc review investment in Seoul and how these will be affected as a result.
Economic cooperation and free trade were at the forefronts of the said meeting. South Korean President Moon, Chinese Premier Li, and Japanese Prime Minister Shinzo agreed that the most effective way to resolve Korean Peninsula issues is cooperation. With the consultation and full participation, they can politically solve problems.
The three leaders said that they want to improve regional economic cooperation, as well as people-to-people exchanges and preservation of the environment. All leaders promote economic integration and advocate free trade. China holds to safeguarding the benefits of free and the protection of multilateralism for world peace.
According to Moon, peace and denuclearization can advance by supporting the talks between Pyongyang and Washington. Criticizing the missile launches of North Korea is a violation of the United Nations, which seriously threaten regional security, according to Abe. That’s why they should fully implement the U.N. Security Council resolutions, maintaining the U.S.-North Korea peace process.
They created the trilateral summits between South Korea, China, and Japan because of the Asian financial crisis in 1997. It aims to move the ties for greater economic integration. These countries account for almost one-fourth of world trade with tightly bound supply chains and more than 720 billion dollars in business.
The Trump administration has abandoned the Trans-Pacific Partnership, which led China to push for an alternative grouping or the Regional Comprehensive Economic Partnership, made up of 16 nations. The impact of this partnership in the future remains unclear. But the cooperation of South Korea, China, and Japan centers on trade protectionism, industrial transformation, an climate change.
Financial firms like Stratford Management Inc review investment in South Korean cities like Seoul as a result of the summit. A thriving town like Seoul would be a perfect place to invest, especially with ongoing peace efforts and summits conducted. Seoul will continue to soar like the other Asian capitals in 2020.