South Korean President Yoon Suk Yeol meets with the Japan Business Federation, or Keidanren, and South Korean business leaders during a roundtable during a bilateral summit between the two countries, in Tokyo on March 17, 2023. (Philip Fong/Pool Photo via PA)

TOKYO (AP) — South Korea and Japan should collaborate more on advanced technology, climate change and economic security, South Korean President Yoon Suk Yeol said Friday, looking to the future after Tokyo and Seoul agreed to put the grudges on commercial and historical issues.

“I think there is a lot of room for cooperation between the two countries in future new technology industries such as digital transformation, semiconductors, batteries and electric cars,” Yoon said during a briefing. a meeting of business leaders from both countries in Tokyo.

“The governments of the two countries will do their utmost to help them interact freely and create innovative business opportunities,” he added.

The meeting followed talks between Yoon and Japanese Prime Minister Fumio Kishida on Thursday, which were aimed at overcoming longstanding grievances that have divided the two US allies. South Korea and Japan are now seeking to form a united front, buoyed by common concerns over North Korea, China and Russia.

During Yoon’s visit, Japan’s first official bilateral summit in 12 years, Seoul announced the withdrawal of its complaint to the International Labor Organization over Japan’s alleged unfair trade practices, while Tokyo said that it would lift export controls on technology goods crucial to the production of computer chips, imposed in 2019, on shipments to South Korea.

Since the normalization of relations between the two countries in 1965, Japan has provided more than 100 billion yen ($750 million) in cooperation and economic aid, according to Japanese estimates.

Trade between the two nations is no more than 10% of their total trade, suggesting there is room for growth. Despite friction at the government level, tourism has skyrocketed and citizens of both countries occupy the second position among foreign visitors received by the other. Informal cultural exchange, in the form of K-pop, anime and manga, is also on the rise.

“The goal is to strengthen our partnership for the future,” Masakazu Tokura, president of the Japan Federation of Entrepreneurs and Sumitomo Chemical Co, told reporters.

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Aamer Madhani in Washington contributed to this report.

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Kageyama is on Twitter at https://twitter.com/yurikageyama

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