Korean and Japanese business leaders have agreed to work together to support South Korea's accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). They also plan to enhance cooperation in advanced industries such as artificial intelligence (AI) and semiconductors, while stabilizing supply chains for critical minerals.
The Korea Economic Association (KEA) held the 33rd Korea-Japan Business Conference on October 23 at the FKI Tower in Yeouido, Seoul, where this joint statement was made. Key figures from both countries, including KEA Chairman Ryu Jin and Keidanren Chairman Yoshinobu Tsutsui, attended the meeting.
During the conference, both sides acknowledged the necessity of South Korea's CPTPP membership and committed to ongoing efforts to realize this goal. They expressed optimism that South Korea's accession would enhance trade, investment, and market access for businesses in both countries.
They also agreed to collaborate in maintaining a free and open international economic order based on World Trade Organization (WTO) agreements, free trade agreements (FTAs), and economic partnership agreements (EPAs).
Regarding the review of the United States-Mexico-Canada Agreement (USMCA), they stated, "We will convey our joint opinions to the parties involved to ensure the stability and transparency of the agreement."
Furthermore, they decided to expand cooperation in industries where both countries have strengths, such as AI, semiconductors, space, and biotechnology, to promote investment and talent exchange between companies and to collaborate on establishing international standards in emerging industries.
Energy security and securing supply chains for critical minerals were also major topics of discussion. Both sides agreed to cooperate in expanding the supply and utilization of hydrogen and ammonia, establishing institutional frameworks for certification and standards, and exploring joint responses to liquefied natural gas (LNG) supply situations.
They discussed the potential for cooperation to ensure stable supplies of crude oil and petroleum products and to respond in emergencies. They plan to diversify critical mineral supply chains and seek joint market opportunities in third countries using Japan's proposed "Asia Energy and Resource Supply Resilience Partnership (POWERR Asia)."
Additionally, they agreed to jointly address issues related to low birth rates, aging populations, and regional economic revitalization. They aim to enhance exchanges between regions by utilizing transportation networks such as local airports and ports and to discover new business opportunities in tourism and startups.
The KEA and Keidanren will strengthen their roles as cooperation platforms to support mutual investment and exchanges between businesses in both countries. The next Korea-Japan Business Conference is scheduled to be held in Tokyo, Japan, in 2027.
In his opening remarks, Chairman Ryu emphasized the need to combine the strengths of both countries to address common challenges and explore new industries and markets.
* This article has been translated by AI.
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