FKI Holds Business Meeting with Japan's Keidanren After 3 Years... Discuss Mutual Removal of Export Restrictions

Chairman Huh Chang-soo: "Combining the Agility of Korean Companies with the Prudence of Japanese Companies Creates the World's Strongest"

[Asia Economy Reporter Park Sun-mi] The Federation of Korean Industries (FKI) held the Korea-Japan Business Council meeting with the Japan Business Federation (Keidanren) for the first time in three years, discussing the mutual abolition of export regulations and the revival of a mutual visa-free entry system to expand human exchanges.

On the 4th, FKI and Keidanren discussed economic trends and prospects of both countries, Korea-Japan cooperation for realizing a sustainable society, the new world order and international relations at the 29th Korea-Japan Business Council meeting, and agreed to work towards improving Korea-Japan relations.

They also held various proposals and discussions on mutual interests such as the abolition of mutual export regulations, the revival of the mutual visa-free entry system to expand human exchanges, the necessity of Korea's accession to the CPTPP (Comprehensive and Progressive Agreement for Trans-Pacific Partnership), Korea-Japan joint cooperation for the development of the IPEF (Indo-Pacific Economic Framework), and the formation of a Korea-US-Japan business summit. In particular, the participants from both sides reached a consensus on the need to revive the mutual visa-free entry system, which was suspended due to COVID-19, to expand human exchanges.

Furthermore, Korean participants emphasized the necessity of Korea's accession to the CPTPP and requested Japan's support for this. Discussions were also held on the need for Korea-Japan cooperation within the IPEF, launched in May under the Biden administration, as well as proposals for the formation of a Korea-US-Japan business summit and the need for regular meetings.

Huh Chang-soo, chairman of FKI, stated, “The improvement of Korea-Japan relations lies in the 'Korea-Japan Joint Declaration - A New Partnership Toward the 21st Century,' also known as the Kim Dae-jung-Obuchi Declaration,” and emphasized, “We need to look to the future, not the past, and upgrade this declaration, which emphasized cooperation in all fields, to fit the current times.”

He added, “In line with the spirit of the declaration, I hope that a Korea-Japan summit will be held soon to simultaneously resolve current issues such as the abolition of mutual export regulations, the resumption of the Korea-Japan currency swap, and Korea's accession to the CPTPP.”