- Japan restored South Korea to its list of preferred trade partners.
- Both countries held their first bilateral finance ministerial meeting in seven years and agreed to resume regular talks.
- The bilateral relationship will be mutually beneficial, particularly in high-tech industries like semiconductors, and will contribute to regional growth.
South Korea's finance minister and deputy prime minister, Choo Kyung-ho, has praised Japan's recent decision to restore South Korea to a list of preferred trade partners. He stated that Japan is processing this decision according to its legislative and administrative procedures, and South Korean officials hope that the process will be completed as soon as possible.
Choo added that unnecessary regulations between the two countries will be entirely removed, and that they are now at a turning point for further cooperation between the two economies. This follows South Korea's announcement that its companies would compensate people who were forced to work during Japan's 1910-1945 occupation of Korea, a move aimed at improving the strained ties between the two nations.
The two countries also held their first bilateral finance ministerial meeting in seven years, during which they agreed to resume regular talks “at an appropriate timing”. Choo believes that these talks will lead to further economic cooperation between the two US allies, particularly in high-tech industries such as semiconductors.
He added that the bilateral relationship will be mutually beneficial for both countries, and will contribute to regional growth. They plan to strengthen further dialogue between government agencies and expand industrial and technology cooperation. The talks will also include humanitarian exchange programs for youths.
Choo's comments indicate a significant thaw in Japan and Korea's bilateral relations. This bodes well for the future economic growth and stability of both countries, as well as the wider region.