South Korea, Japan hold commerce ministers meeting

Seoul, Oct 30 (IANS) Commerce ministers of South Korea and Japan met in Seoul on the sidelines of the trilateral dialogue with China’s International Trade Representative Zhong Shan.

South Korea’s Minister of Trade, Industry and Energy Yoon Sang-jick and Japanese Industry Minister Motoo Hayashi held the bilateral meeting in Seoul on Friday, Xnhua news agency reported.

The 10th round of the China-South Korea-Japan meeting of commerce ministers was held for the first time in three and a half years ahead of the upcoming trilateral summit in Seoul on Sunday between the three nations.

During the bilateral talks, Yoon and Hayashi shared views that Seoul and Tokyo should strengthen cooperation in the economic sector, including trade, investment and company, for mutual interests.

The ministers confirmed that South Korea and Japan are important trade partners as they are the third-largest trading partner to each other.

Trade between the two countries has continued to slide from $108 billion in 2011 to $94.7 billion in 2013 and $86 billion in 2014.

Yoon and Hayashi agreed to maintain close cooperation for regional economic integration in east Asia through the China-South Korea-Japan free trade agreement (FTA) and the regional comprehensive economic partnership (RCEP).

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