South Korea and Japan agree to cooperate closely

South Korea and Japan have agreed to coordinate more closely on a range of multilateral trade issues, amid a recent strengthening of bilateral ties.

Illustration photo. (Source: koreaherald.com)

The two sides agreed to maintain consultations to promote economic cooperation, especially in the fields of steel, energy and advanced technology. The two countries committed to coordinating on global economic and trade issues, including those related to the Indo-Pacific Economic Framework (IPEF) and the World Trade Organization (WTO).

The agreement was reached at a meeting in Seoul on June 30 between South Korean Trade Minister Ahn Duk-geun and Japanese Vice Trade Minister Hirai Hirohide. The meeting was held after Tokyo decided to put South Korea back on its list of “trusted trade partners.” Minister Ahn emphasized that trust between the two countries in the field of export control has now been fully restored. The two sides will accelerate the implementation of recently agreed measures.

Earlier, South Korea and Japan agreed to resume a $10 billion currency swap deal. The agreement was reached during a meeting between the two countries' finance ministers on June 29 in Tokyo, Japan. The new currency swap deal is valid for three years. The two sides agreed to hold another finance ministers' meeting in South Korea next year to maintain communication and cooperation.

Source