Tokyo Hosts Korea-Japan Foreign Ministers Meeting: "Shared Recognition of the Need for Early Resolution of Forced Labor Issue"

Park Jin on Japanese Companies' Domestic Asset Sales
"Efforts to Find Solutions Before Monetization"

Strengthening Cooperation Among South Korea, Japan, and the US on North Korea Issues

[Image source=Yonhap News]

[Asia Economy Reporter Yoo Byung-don] Foreign Minister Park Jin and Japanese Foreign Minister Hayashi Yoshimasa held a foreign ministers' meeting in Tokyo on the 18th and shared the recognition that an early resolution of the forced labor compensation ruling issue is necessary.

The Ministry of Foreign Affairs stated that Minister Park and Foreign Minister Hayashi held a foreign ministers' meeting and dinner that afternoon to discuss current issues and mutual interests between the two countries.

This visit marks the first bilateral visit by a South Korean foreign minister to Japan in 4 years and 7 months since December 2017.

At the meeting, Minister Park mentioned that efforts would be made to find a desirable solution before the domestic assets of Japanese companies are liquidated in relation to the forced labor ruling.

The South Korean Supreme Court issued final rulings in October and November 2018 ordering Nippon Steel and Mitsubishi Heavy Industries to compensate the victims of forced mobilization, but these defendant companies have not fulfilled their compensation responsibilities.

Accordingly, legal procedures for forced asset sales (liquidation) have progressed, and there are expectations that this could materialize as early as this fall.

Minister Park also said that the two countries should develop their relationship in accordance with the spirit and intent of the "Kim Dae-jung?Obuchi Declaration."

The two ministers agreed that amid rapidly changing international circumstances, the two countries should closely cooperate in various fields for regional and global peace and prosperity.

Both sides shared assessments of the recent situation on the Korean Peninsula and agreed to respond firmly to any further provocations by North Korea.

They decided to further strengthen cooperation among South Korea, Japan, and the United States to keep the door open for dialogue with North Korea and to pursue a flexible and open diplomatic approach.

Minister Park highly evaluated recent measures taken to restore human exchanges between South Korea and Japan, such as the resumption of the Gimpo-Haneda flight route and quarantine exemptions, through close communication between the two countries.

Based on this, he told the Japanese side to continue efforts to establish the institutional foundation necessary for revitalizing exchanges, including visa exemptions.

The Ministry of Foreign Affairs said both sides agreed to accelerate consultations, including at the ministerial level, to promptly resolve various issues between the two countries.

Meanwhile, before the meeting, Minister Park conveyed to the Japanese side his hope that the Japanese people will wisely overcome the shock and grief caused by the passing of former Prime Minister Abe Shinzo.