South Korea’s Finance Minister Says Country is at a Turning Point in Economic Relations with Japan

South Korea’s finance minister, Choo Kyung-ho, believes that the economic relations between Japan and South Korea are at a crucial turning point. Speaking at the Asian Development Bank’s annual meeting in Incheon, Choo praised Tokyo’s recent decision to restore South Korea to a list of preferred trade partners. Choo believes that unnecessary regulations between the two nations will be removed entirely and cooperation between the economies will be strengthened. Choo and his Japanese counterpart, Shunichi Suzuki, held their first bilateral finance ministerial meeting in seven years. Reports suggest that Choo and Suzuki agreed to resume regular talks “at an appropriate timing” after the meeting. Choo believes that the bilateral relationship between Japan and South Korea will be mutually beneficial, particularly for high-tech industries, including semiconductors. As a result, both countries are actively taking part in pushing for further cooperation through ministerial talks and dialogue between government agencies to strengthen the relationship.