President Lee Jae-myung said on the 19th that, in response to energy supply instability stemming from the prolonged Middle East war, Korea and Japan agreed to expand cooperation, including swaps (mutual loans) of liquefied natural gas (LNG) and crude oil. Lee and Japanese Prime Minister Sanae Takaichi jointly announced a statement of agreement to this effect after holding a summit in Andong, North Gyeongsang, that day.
Lee said, "The two countries also decided to further strengthen cooperation in LNG and crude oil, which are key energy sources," adding, "Based on the LNG supply cooperation agreement signed in March, the two sides will expand LNG cooperation, share information related to crude oil supply and stockpiles, and deepen communication channels."
Regarding the stalemate in end-of-war talks between the United States and Iran and the continued supply instability, Lee said, "We agreed that the need for close cooperation between the two countries on supply chain and energy market instability has grown," adding, "Based on a shared view that peace and stability in the Middle East must be restored swiftly, we decided to further expand supply chain cooperation between the two countries."
Earlier, Minister Kim Jung-kwan of the Ministry of Trade, Industry and Resources and Japanese Minister of Economy, Trade and Industry Ryosei Akazawa signed a "Korea-Japan supply chain partnership" in Tokyo on Mar. 14, taking the opportunity of a bilateral meeting. Aimed at jointly responding to the global supply chain crisis and energy security risks, it calls for ▲ convening an emergency meeting within five days to coordinate immediately when supply chain disruptions occur, and ▲ pursuing LNG swaps in emergencies.
Cheong Wa Dae said, "The two countries agreed to encourage public-private dialogues related to crude oil and petroleum product swaps and mutual supply," adding, "Korea Gas Corporation (KOGAS) and Japanese energy company JERA signed an agreement in March this year, and on the occasion of this summit, the Ministry of Trade, Industry and Resources and the Ministry of Economy, Trade and Industry agreed to further advance this LNG cooperation."
On the day, Prime Minister Takaichi proposed, "Let Korea and Japan work closely together to also deepen resource supply chain cooperation with other Asian countries experiencing supply chain crises," and Lee responded, "We will actively participate." The two leaders also reaffirmed the importance of Korea-Japan and Korea-U.S.-Japan cooperation for peace and stability in the region, and assessed the recent elevation of the Korea-Japan security policy consultation to the vice minister level as "a very meaningful step forward."
◇ Lee explains to Takaichi the stance of "peace without the need to fight"
The two countries also exchanged views on the situation on the Korean Peninsula. Lee said the government explained its position of building "a Korean Peninsula of peace without the need to fight," where the South and North coexist peacefully and grow together. However, the "commitment to the complete denuclearization of the Korean Peninsula," which was included in the joint statement at the Korea-Japan summit in January, was not included.
Lee assessed the start of DNA testing on remains excavated from Japan's Chosei undersea coal mine as "a small but meaningful first step in cooperating on humanitarian issues related to historical matters." He added, "The areas in which Korea and Japan can cooperate are limitless going forward," and "I hope the two countries will continue to create 'people-experience' cooperation measures that enable the public to feel the benefits in their daily lives."