The meeting would be held in line with an agreement by the three countries' leaders in August last year to launch such a gathering to enhance economic dialogue.

"The United States deeply values our close partnerships with Japan and the Republic of Korea. Both countries are longstanding allies and friends to the United States," U.S. Treasury Secretary Janet Yellen said ahead of the meeting with Japanese Finance Minister Shunichi Suzuki and South Korean Finance Minister Choi Sang-mok.

"And I see scope to further deepen our cooperation on key shared objectives in the region and globally, such as expanding resilient supply chains, countering economic coercion, and combating sanctions evasion," she said.

Aside from global economic issues, the trilateral meeting will also discuss support for Pacific Island countries, collaboration with international financial institutions, and "securing prosperous and resilient growth at home and abroad," Yellen said.

The trilateral gathering is being held on the sidelines of the International Monetary Fund and G20 finance leaders' meetings this week in Washington.

Washington has warned that China's growing, state-supported excess production capacity in clean energy goods such as electric vehicles and solar panels was threatening the viability of producers in the United States and other countries.

Japan, for its part, has been leading efforts to diversify supply chains away from China by building partnerships with low-and middle-income countries through investment and aid.