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| President Yoon Suk Yeol, left, and Japanese Prime Minister Fumio Kishida, right, and officials of the two countries attend a summit at the Japanese prime minister's official residence in Tokyo, Japan, March 16 (local time). Korea Times file |
By Lee Kyung-min
Korea will resume its communication channels with Japan for fortified cooperation in energy, chips and supply chains, the trade minister said Wednesday.
Minister of Trade, Industry and Energy Lee Chang-yang said Korea will also withdraw a World Trade Organization (WTO) suit over Japan's curbs on three key materials needed to manufacture semiconductors and displays this week.
The materials are fluorine polyimide, photoresist and hydrogen fluoride. Japan will lift a four-year export restriction on the three materials this week. Japan produces about 90 percent of the global supply of fluorine polyimide and photoresist and around 70 percent of hydrogen fluoride. Local semiconductor industries were left helpless over the past few years due to the export curbs.
This development comes as an achievement of the recent two-day summit in Japan between President Yoon Suk Yeol and Japanese Prime Minister Fumio Kishida, Lee said.
"The export curbs and WTO complaint will be withdrawn before Sunday," Lee said during a briefing with a group of reporters at Sejong Government Complex. "We will continue consultations with Japan for Korea to resume its status as Japan's favored trade partner by being included on a Japan-managed whitelist as soon as possible."
Korea will fortify cooperation with Japan for future-oriented relations. It will help Japanese parts, materials and equipment businesses to invest and operate in an industrial complex in Yongin, Gyeonggi Province.
The cooperation will be expanded to create a stable supply chain with Japanese small and medium-sized players in the chipmaking business.
The two will establish and fortify a united front to better respond to the growing threat of resources weaponization.
The two will identify joint growth opportunities in the areas of liquefied natural gas (LNG) vessel construction orders.
Joint research and development projects will include green, future vessels shipbuilding, construction, energy infrastructure and smart city planning as well as joint efforts to better respond to the Indo-Pacific Economic Framework (IPEF).
The joint efforts will encompass policymaking in steel, energy, shipbuilding, chipmaking, supply chain management and cultural content.
Meanwhile, Trade Minister Ahn Duk-geun presided over a meeting of Korean firms with Japanese trading partners at COEX in southern Seoul.
Among the participants are officials of the petrochemical, cosmetics, culture, food and fashion industries.
They shared the need to propel new business opportunities in Japan to rebound from years of slowdown due to frayed bilateral relations.
"The Korea-Japan summit has laid a new foundation for the industries in both countries to resume and fortify a reciprocal relationship," Ahn said.
"The two trade and economy authorities in both countries will spur cooperation in rechargeable batteries, semiconductors and electric vehicles."
The growing popularity of Korean culture in the Japanese market will be bolstered, Ahn added, by Korea's timely implementation of policies to elevate strong local players in the cosmetics, food, cultural content and fashion industries as export growth drivers, as underpinned by tailored assistance of Korea Trade-Investment Promotion Agency (KOTRA).
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