Business circles in Korea and Japan agreed to open the era of "Korea-Japan economic cooperation 2.0" by expanding bilateral cooperation to mark the 60th anniversary of normalized diplomatic ties. They adopted a joint statement centered on Korea's accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), expanded economic cooperation among Korea, the United States, and Japan, and strengthened Korea-Japan cooperation in hydrogen and artificial intelligence (AI).
The Federation of Korean Industries and Keidanren (Japan Business Federation) held the 32nd Korea-Japan Business Conference in Tokyo, Japan, on the 17th and adopted the "Korea-Japan Economic Cooperation 2.0 Joint Statement," which calls for creating an institutional framework to strengthen economic linkages between the two countries.
FKI Chair Ryu Jin said in opening remarks that "on the firm foundation of trust built over 60 years, the two countries must launch a new future, the 'Korea-Japan economic cooperation 2.0 era,'" and "in the face of rapid global change and uncertainty, Korea and Japan, which have similar economic and industrial structures, must speak with one voice in supply chain reorganization and discussions on international norms." Ryu emphasized the importance of Korea-Japan and Korea-U.S.-Japan cooperation in areas such as hydrogen and future car standards and resource security, and also said efforts are needed for Korea's accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
Keidanren Chair Tsutsui Yoshinobu said in opening remarks that "to realize a fairer and more multilateral free trade system, we should advance WTO reform and work together to deepen and expand economic partnership agreements (EPAs) such as the Regional Comprehensive Economic Partnership (RCEP) and the CPTPP." He added, "Amid a world of intensifying confrontation and division, Korea and Japan should contribute to realizing a free and open Indo-Pacific by strengthening trilateral cooperation with the United States beyond the bilateral relationship."
Business circles in both countries agreed that, with overlapping geopolitical risks such as U.S. tariff measures and the prolonged Russia-Ukraine war, corporations are having to formulate business strategies amid "extreme uncertainty," and they said the two countries should raise cooperation levels around three pillars: artificial intelligence (AI), the green transition, and trade response.
They reaffirmed the importance of communication among the three countries' business communities, including the Korea-U.S.-Japan business dialogue. On the Korea-China-Japan free trade agreement (FTA), they reached a consensus on the need to accelerate negotiations to a level higher than the Regional Comprehensive Economic Partnership (RCEP) in terms of trade and investment liberalization and rules.
FKI and Keidanren based the joint statement adopted at the meeting on this day on the following: ▲ maintaining a rules-based, free, and open trade order and advancing the CPTPP ▲ joint response to the global trade environment and supply chain cooperation ▲ strengthening the linkage between Korea-U.S.-Japan cooperation and the Free and Open Indo-Pacific (FOIP) vision ▲ cooperation on hydrogen energy and carbon reduction ▲ joint responses to common social issues such as low birthrates, aging, and climate change.
The meeting was attended by 14 Korean business figures, including FKI Chair Ryu Jin, Lotte Group Chair Shin Dong-bin, Samyang Holdings Chair Kim Yoon, Hyosung Group Chair Cho Hyun-joon, LS Group Chair Koo Ja-eun, Youngone Group Vice Chair Sung Rae Eun, and LG CHEM Vice Chair Shin Hak-cheol, and 11 Japanese business figures, including Keidanren Chair Tsutsui Yoshinobu.