[Full Text] Joint Statement of the 29th Korea-Japan Business Meeting

On the 4th, the Federation of Korean Industries (FKI) and the Japan Business Federation (Keidanren) held the Korea-Japan Business Council meeting for the first time in three years to discuss the mutual abolition of export regulations, the revival of a mutual visa-free entry system to expand human exchanges, and agreed to take steps to improve Korea-Japan relations. On this day, FKI and Keidanren adopted a joint declaration consisting of eight articles, including respecting the spirit of the 1998 'Korea-Japan Joint Declaration - A New Partnership Toward the 21st Century' (also known as the Kim Dae-jung-Obuchi Declaration), building a future-oriented relationship, and confirming the necessity of reviving the visa exemption program for normalizing private exchanges. They also agreed to hold the 30th Korea-Japan Business Council meeting in Tokyo next year.

The following is the full text of the joint statement.

1. The Federation of Korean Industries (FKI) and the Japan Business Federation (Keidanren) held the 29th Korea-Japan Business Council meeting on July 4, 2022, at the FKI headquarters in Seoul, Korea. The FKI side was represented by Chairman Huh Chang-soo and 20 members, while the Keidanren side was represented by Chairman Tokura Masakazu and five business representatives.

2. Since the normalization of diplomatic relations in 1965, Korea and Japan have built a close and mutually beneficial relationship through exchanges in a wide range of fields including politics, economy, society, and culture. In this context, FKI and Keidanren have deepened their cooperative relationship and contributed to the development of Korea-Japan relations based on mutual understanding and trust accumulated through the Korea-Japan Business Council meetings and other channels.

3. At this meeting, both countries agreed on the importance of not missing the momentum to improve Korea-Japan relations, respecting the spirit of the 1998 'Korea-Japan Joint Declaration - A New Korea-Japan Partnership Toward the 21st Century,' and paying attention to the unresolved issues that have arisen since then, while deepening cooperation to build a future-oriented relationship. They confirmed the necessity for the private sector, including FKI and Keidanren, to play an active role in this effort.

4. The meeting began with reports and frank exchanges of views on the current economic situations, future prospects, and growth strategies of both countries. The FKI side explained the economic policies of the Yoon Suk-yeol administration, which launched in May 2022, while the Keidanren side explained the economic policies under the Kishida administration.

5. Regarding Korea-Japan cooperation for realizing a sustainable society, it was confirmed that achieving green transformation and digital transformation is a major international challenge, and that the business communities of both countries will cooperate in these areas. Furthermore, amid restrictions on human exchanges between the two countries due to the global spread of COVID-19, the importance of urgently normalizing private exchanges through the revival of the visa exemption program was reaffirmed.

6. In the context of increasing international instability, maintaining and developing good Korea-Japan relations based on shared values of democracy and market economy is very important. Both sides recognized that this not only benefits the development of both countries but also contributes to peace and stability in Northeast Asia. They also had in-depth discussions on plans to strengthen Korea-Japan economic cooperation, including cooperation in third-country markets under the global environment.

7. Finally, FKI and Keidanren confirmed their commitment to work together to deepen economic relations between Korea and Japan.

8. Both parties agreed to hold the 30th Korea-Japan Business Council meeting between FKI and Keidanren in Tokyo at an appropriate time in 2023.

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