More than 300 business leaders from Korea and Japan gathered in Seoul last week for an annual two-day meeting to discuss ways to promote economic cooperation between the two countries. Unlike in previous gatherings, most participants sat throughout the conference that ended Thursday.
This serious attitude apparently reflected concerns shared by the participants over frozen ties between Seoul and Tokyo and their eagerness to play an active role in bolstering bilateral cooperation to bring benefits for both sides.
In a joint statement adopted at the end of the meeting hosted by the Korea-Japan Economic Association, the participants made a broad range of pledges and suggestions aimed at helping the two countries move in the direction of enhancing mutual interests. The statement should be read as a reminder of what Korea and Japan can achieve when they work together in a constructive manner, setting aside historical and territorial disputes.
The corporate leaders agreed to jointly explore new business opportunities in third countries and strengthen collaboration in future growth areas.
Korean exporters have in recent years been hit by a weaker Japanese yen, with many key export items of the two countries overlapping. In increasingly competitive global markets, Korean and Japanese companies could also strengthen their competitiveness through mutual partnerships.
The participants in last week’s meeting also vowed to help increase youth and cultural exchanges between the two nations and cooperate in forging conditions that enable aged people to live in safety.
What drew our attention particularly was their agreement to actively support Korea’s participation in the U.S.-led Trans-Pacific Partnership free trade agreement and the early conclusion of three-way FTA negotiations involving Korea, Japan and China. The two accords would serve to expedite the economic integration of the Asia-Pacific region, which would provide more opportunities for Korean and Japanese businesses.
Support from Japanese business leaders might help Korea join the launching of the TPP, easing concerns that Seoul’s belated participation would complicate and delay the negotiation underway among the U.S., Japan and 10 other countries along the Pacific Rim.
The talks on the trilateral accord among Korea, Japan and China, which started in March 2013, have yet to make a meaningful progress.
In her meeting with a Japanese business delegation Wednesday, President Park Geun-hye pledged to closely cooperate with Tokyo to achieve the three-way trade deal with China.
Both Park and Japanese Prime Minister Shinzo Abe need to be more active on holding a summit, as called for by the business leaders.
