South Korean finance minister says South Korea is at ‘tipping point’ in relations with Japan


  • South Korea’s Finance Minister Choo Kyung-ho said, “Japan understands that this is being handled in accordance with legislative and administrative procedures.
  • Earlier this week, the two countries also held their first bilateral meeting of finance ministers in seven years and agreed to resume regular talks “at the appropriate time,” said Chu’s Japanese counterpart Shunichi Suzuki. .

South Korean Finance Minister Choo Kyung-ho attends the G20 Finance Ministers and Central Bank Governors Meeting in Nusa Dua on the Indonesian resort island of Bali on July 16, 2022. (Photo by MADE NAGI / POOL / AFP) (Photo by MADE NAGI) /POOL/AFP via Getty Images)

Up to Nagi | Afp | Getty Images

South Korea’s finance minister said the public sees economic relations with Japan at a “tipping point”.

At the Asian Development Bank’s annual meeting in Incheon, South Korea’s Finance Minister and Deputy Prime Minister Choo Kyung-ho told CNBC’s Chery Kang of Tokyo’s recent decision to put South Korea back on its list of preferred trading partners. praised.

“I understand that Japan is handling this according to legislative and administrative procedures,” Chu said, according to CNBC’s translation. He added that he hopes it will be completed.

“We believe that unnecessary restrictions between the two countries will be completely removed, and we believe we are now at a tipping point for further cooperation between the two economies,” Chu said.

The thaw in bilateral relations between Japan and South Korea came after South Korean companies announced they would compensate those forced to work during the Japanese occupation of South Korea from 1910 to 1945. Country.

Earlier this week, the two countries also held their first bilateral meeting of finance ministers in seven years and agreed to resume regular talks “at an appropriate time,” according to reports from Chu’s Japanese counterparts. According to a report on the remarks made by Shunichi Suzuki after the meeting.

Chu said recent talks with Suzuki will lead to further economic cooperation between the two US allies.

“Recent bilateral summits have given room for improvement, so we can now look forward to cooperation between the two countries in expanding industrial and technological cooperation, as well as humanitarian exchange programs for young people,” he said. said. “We believe this will be mutually beneficial to both countries economically and also contribute to the growth of the region.

Choo added that the bilateral relationship would be “mutually beneficial” for high-tech industries, including semiconductors.

“Especially in sectors where the two countries are seen to be in a ‘win-win’ situation, such as the strengthening of the high-tech industrial sector, this means that Japan and the ROK will actively participate in promoting further cooperation through ministerial talks. We believe that this is why we plan to further strengthen dialogue between government agencies.”

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