TOKYO (AP) — South Korea and Japan should really cooperate extra on sophisticated technologies, climate modify and financial safety, South Korean President Yoon Suk-yeol stated Friday, hunting ahead immediately after the two sides agreed to place aside trade tensions and historical troubles.

“I assume there is a lot of space for cooperation involving the two nations in future higher-tech new industries such as digital transformation, semiconductors, batteries and electric autos,” Yun told a gathering of organization leaders from each nations in Tokyo.

“The governments of the two nations will do almost everything to aid you interact freely and generate revolutionary organization possibilities,” Yun stated.

The meeting followed talks involving Yoon and Japanese Prime Minister Fumi Kishida on Thursday that sought to turn the web page on extended-standing grievances shared by the two US allies. South Korea and Japan are now in search of to type a united front, driven by shared issues about North Korea, China and Russia.

Throughout Yoon’s stop by, the initial such formal summit hosted by Japan in 12 years, South Korea announced it was dropping a complaint to the Planet Trade Organization more than allegations of unfair trade practices by Japan, when Tokyo stated it would lift export controls on crucial higher-tech goods. . for the production of laptop or computer chips, imposed in 2019 on shipments to South Korea.

Yoon Suk Yeol was the guest of honor at a “organization round table” in Tokyo at a French cuisine lunch attended by a dozen organization leaders from each nations.

Reiji Takehara, director of Keidanren’s International Cooperation Bureau, stated the mood was pretty optimistic at Friday’s hour-and-a-half meeting, which was closed to the media except for opening remarks.

“There was a lot of laughter and everybody was sort.” “We did not really feel any tension,” Takehara told reporters.

The South Korean group was led by Kim Byong-jun, acting chairman of the Federation of Korean Industries, the country’s biggest organization group, who traveled with Yun. Executives from Samsung Electronics, Hyundai and LG have been also component of the entourage.

Yoon joked about his adore of Japanese meals and stressed that there is “light at the finish of the extended tunnel” of troubled relations, a Japanese official told reporters immediately after a meeting at the Keidanren Kaikan, headquarters of Japan’s biggest organization lobby.

Challenges stay. A 2018 South Korean Supreme Court ruling ordering economic compensation to Japanese corporations for forced labor through Tokyo’s 1910-45 colonial rule on the Korean Peninsula. targeting significant Japanese corporations Mitsubishi Heavy Industries and Nippon Steel Corp., each members of Keidanren. Representatives of these corporations did not attend Friday’s meeting.

Japan refused to spend, insisting that compensation troubles have been settled by the 1965 agreement.

Yoon’s announcement that neighborhood funds would be utilized to compensate victims, successfully easing the stress on Japanese corporations, sparked protests from victims of Japan’s forced labor method and their advocates. They want payments from Japan and yet another apology.

America has strongly supported the move toward closer ties involving Seoul and Tokyo. The White Property welcomed Kishida and Jun’s meeting.

“And the United States will, of course, continue to help Japan and the ROK as they take measures to translate this new understanding into lasting progress,” stated White Property National Safety Council spokesman John Kirby.

Keidanren and the Federation of Korean Industries have established a US$200 million ($1.five million) fund to market youth exchanges, Takehara stated.

Given that the normalization of relations in 1965, Japan has offered extra than one hundred billion yen ($750 million) in financial cooperation and help, according to Japanese estimates.

Trade involving the two nations is no extra than ten% of their total trade, suggesting there is space for development. Regardless of friction at the government level, tourism has boomed, with travelers from each nation ranking second in foreign guests. As properly as informal cultural exchange in the type of K-pop, anime and manga.

“The purpose is to strengthen our partnership for the future,” Masakazu Tokura, president of Keidanren and Sumitomo Chemical Co., told reporters.


Aamer Madhani contributed to this report from Washington.

Yuri Kageyama is on Twitter

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