Japan, China and South Korea held their first leaders' summit in four and a half years in Seoul on May 27. The three countries issued a joint declaration that called for wide-ranging cooperation, including resuming negotiations on a free trade agreement. The meeting carries great significance, as efforts by these governments to kick-start dialogue are crucial to bringing stability to East Asia, where tensions are rising.
The joint declaration called for expanding of people-to-people exchanges and investment, items that were easy to agree upon. China is the largest trading partner for Japan and South Korea, accounting for about 20% of total trade for each, and it also faces the same challenges of a declining population and aging society with fewer children. Building stable neighborly relations is important for both security and the economy.
