Korea, Japan to hold regular policy dialogue on trade, supply chain issues

Korea and Japan agreed Saturday to establish a regular communication channel between their industry ministries to better manage various trade, economic security and supply chain issues, Seoul's industry ministry said.

The agreement was made at a meeting between Korean Industry Minister Kim Jung-kwan and his Japanese counterpart, Ryosei Akazawa, held on the sidelines of the inaugural Indo-Pacific energy security ministerial meeting in Tokyo, according to the Ministry of Trade, Industry and Resources.

The two countries will comprehensively monitor and manage various economic issues, including trade cooperation, economic security, supply chains and mineral resources, through the envisioned policy dialogue amid a rapidly shifting global trade and geopolitical environment, the ministry explained.

The ministry said the two sides also signed a bilateral supply chain partnership arrangement (SCPA) to up their readiness to possible supply chain disruptions while boosting their joint response capacity by working to minimize unnecessary restrictions to trade affecting supply chain resilience.

The SCPA will also help Seoul and Tokyo expand their cooperation in joint exploration, investment and technology development in the critical minerals and resources sector, it added.

On Saturday, the Korea Gas Corp. and Japanese energy firm JERA Co. also signed an operation cooperation agreement, which includes a liquefied natural gas (LNG) swap arrangement between the two companies, as the two countries agreed to bolster cooperation for stable LNG supplies amid volatility in the global energy market stemming from the ongoing turmoil in the Middle East.

Seoul will work to continuously develop the mutually beneficial industrial and trade cooperation between Korea and Japan, building on the 60th anniversary of the normalization of bilateral diplomatic relations, Kim said in a press release.