South Korea’s Lee, outgoing Japan PM Ishiba hold talks on global trade, North Korea

SEOUL - The leaders of South Korea and Japan agreed on Sept 30 to work together to tackle global trade turmoil while reaffirming their commitment to denuclearisation on the Korean peninsula, a South Korean presidential spokesperson said.

President Lee Jae Myung hosted Japan’s outgoing Prime Minister Shigeru Ishiba on a goodwill visit to highlight the neighbours’ commitment to improve once-frosty ties and cooperate more closely on trade.

“The two leaders shared the view that... Korea and Japan, as neighbours and global cooperation partners with similar positions, should act together to address challenges,” the spokeswoman, Ms Kang Yu-jung told a press briefing after they met.

The effort to resolve challenges facing the international community comes amidst a turbulent geopolitical environment and trade order, she said, adding that both reaffirmed commitment to the “complete denuclearisation” of the Korean peninsula.

Last week, North Korean leader Kim Jong Un said there was no reason to avoid talks with the United States if it stopped insisting that his country give up nuclear weapons, but he would never abandon the nuclear arsenal to end sanctions.

Security, trade issues

Mr Lee has engaged with Japan on security and trade issues, continuing his predecessor’s policy of cautious rapprochement after years of tension over Japan’s wartime history.

“As the world becomes increasingly difficult, I believe that coordination and exchange between our close neighbors are truly crucial,” he said in opening remarks.

Mr Ishiba said he hoped Korea and Japan would continue to work together more closely than any other countries do.

Mr Ishiba, whose Liberal Democratic Party is set to pick a new leader on Oct 4 who will likely become prime minister, met Mr Lee in the southern city of Busan.

Mr Ishiba is a unique figure in the Japanese ruling party and South Korea looked forward to his continued role to help bilateral ties after he stepped down, Mr Lee’s national security adviser, Mr Wi Sung-lac, told a briefing on Sept 29.

Japan has reached a framework deal with Mr Trump who has signed an executive order formalising the agreement to lower tariffs to 15 per cent on its products, including autos.

But many issues remain to be ironed out, including Japan’s pledge of US$550 billion (S$710 billion) in investment in US industry and further actions threatened by Mr Trump on pharmaceutical and semiconductor imports worldwide.

Mr Lee had made a handshake-deal with Mr Trump during his visit to Washington in August, but follow-up talks to finalise the trade agreement remain deadlocked, mostly over the details of US$350 billion in investments pledged by South Korea.

South Korea has said that amount, if made in an upfront cash outlay as suggested by Mr Trump, could trigger a financial crisis for Asia’s fourth-largest economy.

Mr Lee previously held a summit meeting with Mr Ishiba in August, just ahead of his US visit.

Both agreed on Sept 30 to continue discussions on common social issues such as low birth rates and ageing populations, balanced national growth and suicide counter-measures via a body for such consultations launched after the August summit. REUTERS