South Korea’s ambassador to Japan, Yun Dukmin, recently disclosed that high-level talks are underway for a three-nation summit involving China. Despite concerns of potential strain on ties with the United States, Yun reassured that such a summit wouldn’t negatively impact relations.
Reviving Three-Way Summits:
Months after the onset of the COVID-19 pandemic in 2019, three-way summits involving South Korea, Japan, and China came to a halt. However, South Korea aims to restore these summits, and current talks have been progressing well, according to Ambassador Yun. He also referenced the “Camp David effect,” highlighting China’s outreach to its neighboring countries as a positive development.
Changing Dynamics and Regional Stability:
Amidst the progress in South Korea-Japan relations, the ambassador emphasized the importance of regional cooperation, urging neighboring countries to foster amicable relationships rather than confrontations. The swift progress between South Korea and Japan since President Yoon Suk Yeol took office in May 2022 has brought forth a dramatically different environment for China. The stability and unity of the region are now at the forefront.
Easing Historical Disputes:
Historically, compensation disputes regarding Korean workers during Japan’s colonial rule interrupted South Korea-Japan relations. However, President Yoon’s removal of a major roadblock in March, where Seoul dropped its demand for Japanese firms to compensate Korean workers, breathed new life into the relationship. This breakthrough not only repaired ties between the two countries but garnered praise from U.S. President Biden as he seeks a united front against China and North Korea.
Semiconductor Industry and China’s Ascendancy:
As Beijing aims to progress in the semiconductor industry, South Korea’s large companies face the possibility of Chinese manufacturers surpassing them in the market. While cautious due to strong business ties, South Korean companies are gradually diversifying their operations outside of China. However, Ambassador Yun warned that the Chinese market may not remain open indefinitely, emphasizing that the next few years are crucial for Korea’s semiconductor industry.
Advancing South Korea-Japan Ties:
The rapid progress in South Korea-Japan relations has caught the attention of Ambassador Yun, who believes this will bring notable changes to the regional strategic landscape. He envisions constructing a new declaration with Japan, mirroring the one signed a quarter-century ago, to solidify improved ties and ensure stable trade relations amid potential political tensions. A growing number of South Korean companies, including giants like Samsung, are now investing in Japan once again.
Enhanced Security Cooperation:
As North Korea continues to pose nuclear threats, South Korea’s security cooperation with Japan and the United States is set to expand. President Biden has reassured both South Korea and Japan that the U.S.’ nuclear policy known as extended deterrence remains in place. However, there is a delicate question of whether the U.S. would prioritize New York’s safety over retaliating against Pyongyang in the event of an attack on Tokyo or Seoul.
Other Considerations:
Ambassador Yun touched upon various topics during the interview, including wastewater release from the Fukushima nuclear site. He reiterated Japan’s commitment to prioritize the safety of the Korean people. Additionally, discussions are underway to increase flights and resume tourism between regional cities that were impacted by COVID-19. Finally, Yun shared his cautious outlook on Kim Jong Un’s recent trip to Russia, questioning whether it signifies genuine progress or mere political theater.
As South Korea engages in high-level talks for a three-nation summit involving China, the nation remains committed to maintaining stable ties with the United States. The swift progress in South Korea-Japan relations, the evolving semiconductor industry, and the security challenges posed by North Korea all contribute to a shifting regional landscape. With measured optimism, Ambassador Yun believes that fostering cooperation and unity among neighboring nations will promote stability in the region.
Market Capital Research 