Industry Minister Kim Jung-kwan on Friday held bilateral meetings with his counterparts from Japan and Vietnam during the Asia-Pacific Economic Cooperation gathering here and explored ways to enhance South Korea's economic ties with the countries amid challenges in global trade, Kim's office said.
Kim met with Japanese Minister of Economy, Trade and Industry Akazawa Ryosei in the southeastern city of Gyeongju and agreed to make joint efforts to strengthen ties between Seoul and Tokyo in advanced technologies and economic security, according to the Korean Ministry of Trade, Industry and Resources. Gyeongju is currently hosting the annual APEC leaders' summit.
The discussions were in line with the two countries' commitment to building a "future-oriented" relationship, reaffirmed during the summit between President Lee Jae Myung and Japan's new Prime Minister Sanae Takaichi held Thursday.
In detail, the ministers discussed ways to bolster cooperation in supply chains for advanced industries and the application of artificial intelligence technology across different industries, the ministry said.
They also agreed to continue communications on pending trade issues for the region, including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, a multilateral trade pact led by Japan, and talks for a trilateral free trade agreement ㅡ between Korea, Japan and China, it added.
In his meeting with his Vietnamese counterpart, Nguyen Hong Dien, Kim addressed the difficulties Korean firms are facing in the country, including those related to the price of electricity from renewable energy sources and value-added tax.
The two countries also explored ways to strengthen bilateral cooperation in nuclear power, trade and other sectors.
Meanwhile, Trade Minister Yeo Han-koo held separate meetings with his counterparts from Mexico, the Philippines and Papua New Guinea, according to the ministry.
With Mexico, Yeo expressed support for the country's recent decision to suspend imposing tariffs on countries that do not have an FTA with Mexico, while stressing that Korean firms have made big contributions to the Mexican economy by making massive investments and creating jobs.
Yeo and Mexican Minister of Economy Marcelo Ebrard agreed to resume negotiations between the two sides to sign an FTA amid heightened uncertainties in global trade, the ministry said.
In the meeting with Philippine Trade Minister Cristina Aldeguer-Roque, Yeo discussed ways to expand economic ties between the two countries by better utilizing the bilateral FTA implemented late last year, while exchanging views on supply chains and digital cooperation.
Yeo discussed cooperation in supply chains, liquefied natural gas and other areas in his meeting with Papuan Trade Minister Richard Maru, the ministry said.
Earlier this week, the Korean ministers also held high-level meetings with officials from major APEC member economies, including Thailand, Canada, Indonesia and New Zealand. (Yonhap)
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