“Today, we are facing new geoeconomic challenges such as protectionism and the restructuring of global supply chains. We must accelerate cooperation under the Asean+3 framework involving South Korea, China and Japan,” Yonhap news agency quoted Lee.

He welcomed the adoption of a joint statement aimed at enhancing economic and financial cooperation among the three Northeast Asian nations, describing the move as “very timely”.

Lee said regional challenges have become increasingly complex and multilayered, citing ageing populations, low birth rates, the digital divide, climate change, food and energy insecurity, and transnational crime.

“We will work closely with China and Japan to create a virtuous cycle in which trilateral exchanges drive stronger Asean+3 cooperation, and cooperation under the framework further energises trilateral engagement,” he added.

Lee made the remarks during the Asean Plus Three Summit in Kuala Lumpur, attended by Chinese Premier Li Qiang and Japanese foreign minister Toshimitsu Motegi.

His first in-person meeting with Li came ahead of his planned summit with Chinese President Xi Jinping in South Korea on Saturday, to be held on the sidelines of the Asia-Pacific Economic Cooperation (Apec) Summit.

Consultations are also underway to arrange Lee’s first meeting with newly appointed Japanese Prime Minister Sanae Takaichi during Apec, according to the presidential office.