Japan, Korea agree to mend trade tension

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Japan, Korea agree to mend trade tension

Japan and South Korea met for the highest-level meeting and concurred to ease trade feud between them as Primes Minister Shinzo Abe shook hands with premier Lee Nak-yon.

Abe told Lee that the current relations of the two countries he describes as “very severe”, must be restored. On the other side, Lee urged Abe to continue communications and exchanges.

“I don’t expect everything to be solved during my visit to Japan, but I do have ambitions of finding a clue in solving something,” Lee said.

Each country is the other’s third-biggest trading partner and neither can afford an economic dispute that will add to the global growth slowdown.

Figures of South Korean tourists visiting Japan dropped by 58% in September. If things remain unfixed, the trend could undercut Abe’s tourism drive in light of the 2020 Olympics in Tokyo.

“The current dismal situation does not benefit either country,” Former Ambassador of South Korea to Japan Kak Soo Shi said.

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