The Federation of Korean Industries (FKI) and Japan's business organization Keidanren committed to working together to support Korea's entry into the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
At the 32nd Korea-Japan Business Summit held in Tokyo, both business groups reached consensus that Korea's inclusion in the CPTPP is essential for addressing volatile international trade circumstances caused by American protectionist policies and supply chain interruptions.
Summit attendees expressed agreement that bringing Korea into the partnership would assist Japan and current member countries in securing supply chain stability and enhancing collaboration in trading sophisticated materials, according to the FKI.
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The CPTPP represents a multilateral trade agreement spearheaded by Japan that functions as an elevated-standard free trade framework between participating countries. The partnership presently includes 12 nations: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United Kingdom and Vietnam.
While both the progressive Moon Jae-in government and the conservative Yoon Suk Yeol government sought CPTPP entry, progress was hindered by substantial resistance from Korea's agricultural and fishing sectors.
However, the Lee Jae Myung government declared last month its intention to restart CPTPP membership efforts, emphasizing the importance of expanding export destinations and decreasing reliance on American and Chinese markets.
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FKI Chairman Ryu Jin stated at the summit that given global uncertainties, Korea and Japan, which share comparable economic and industrial frameworks, must work together on supply chain restructuring and international regulations.
Keidanren Chairman Yoshinobu Tsutsui emphasized the importance of reforming the World Trade Organization and strengthening economic alliances, particularly the CPTPP.
Representatives from both nations advocated for collaborative efforts in hydrogen technology development, proposing shared demonstration initiatives for essential infrastructure and combined training programs for technical personnel and operators.
The participants reached consensus on working together in the fields of artificial intelligence and digital innovation to tackle issues including population aging, natural disasters, technological gaps, workforce shortages, and disruptions in supply chains.
Regarding cultural initiatives, recommendations were put forward for the cooperative distribution of media content created by both nations via international streaming services.
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Given the rise in travel between Korea and Japan, a recommendation was made to enhance the travel experience by reciprocally providing access to their automated border control systems, enabling citizens from both countries to utilize the expedited, automated entry processes typically reserved for domestic travelers.