Japan's Business Community Backs South Korea's CPTPP Bid... Korea and Japan to Strengthen Emergency LNG Exchanges

33rd Korea-Japan Business Conference: Join Hands to Develop New Markets and Industries
Strengthen Emergency LNG Swaps and Mutually Beneficial Efforts to Revitalize Regional Economies
Japan's Keidanren: "We Look Forward to South Korea Joining the CPTPP"

Japan's business community voiced its support for South Korea's efforts to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). The business communities of South Korea and Japan also agreed to jointly respond to trade and supply chain crises and strengthen exchanges of liquefied natural gas (LNG) supplies in emergencies.

The Korea Economic Association and the Japan Business Federation (Keidanren) held the 33rd Korea-Japan Business Conference at the FKI Tower in Yeouido, Seoul, on October 23 and discussed these cooperation measures. About 20 business leaders from both countries attended, including Korea Economic Association Chairman Ryu Jin and Keidanren Chairman Tsutsui Yoshinobu.

Tsutsui Yoshinobu, chairman of the Japan Business Federation (Keidanren), delivers opening remarks at the 33rd Korea-Japan Business Conference at the FKI Tower Conference Center on the 23rd. The Federation of Korean Industries (FKI)

In his opening remarks, Chairman Tsutsui said, "As both South Korea and Japan are highly dependent on external markets, we must work together to expand a free and open environment for trade and investment," adding, "We strongly look forward to South Korea applying to join the CPTPP." The CPTPP is a multilateral free trade agreement involving 12 countries in the Asia-Pacific region.

In his keynote speech, Minister of Trade, Industry and Energy Kim Jeonggwan said regarding South Korea's accession to the CPTPP, "We will continue to communicate with stakeholders so that we can apply as soon as possible once domestic procedures are complete."

The business communities of both countries agreed to expand cooperation through multilateral trade agreements. The Korea Economic Association joined a statement released by Keidanren supporting the extension of the United States-Mexico-Canada Agreement (USMCA). They also discussed jointly responding to supply chain regulations imposed by the United States and the European Union (EU), as well as promptly restarting the Korea-U.S.-Japan Business Dialogue.

On energy security, they agreed to strengthen exchanges of LNG supplies in emergencies, building on cooperation between Korea Gas Corporation and Japanese energy company JERA. Establishing a South Korea-Japan supply chain partnership to stockpile critical minerals was also identified as an area for cooperation.

Kim Jeonggwan, Minister of Trade, Industry and Energy; Ryu Jin, chairman of the Federation of Korean Industries; Tsutsui Yoshinobu, chairman of the Japan Business Federation; and other business leaders from both countries pose for a commemorative photo at the 33rd Korea-Japan Business Conference, held on Oct. 23 at the FKI Tower Conference Center. (Front row, from left) Kubota Masakazu, vice chairman of the Japan Business Federation; Jin Okdong, chairman of Shinhan Financial Group; Iwata Keiichi, chairman of Sumitomo Chemical; Kim Yoon, chairman of Samyang Group; Tsutsui Yoshinobu, chairman of the Japan Business Federation; Kim Jeonggwan, Minister of Trade, Industry and Energy; Ryu Jin, chairman of the Federation of Korean Industries; Yoshida Kenichiro, chairman of Sony Group; Cho Hyunjun, chairman of Hyosung Group; Higashihara Toshiaki, chairman of Hitachi; and Sung Rae-eun, vice chairman of Youngone Corporation. 2026.10.23. Photo by Kim Hyunmin.

Minister Kim said, "South Korea and Japan, where manufacturing accounts for a large share of the economy, are facing warning signs both in securing raw materials and in ensuring export routes." He explained that the government would take the lead in developing concrete examples of cooperation to ensure stable supplies of LNG, crude oil, and petroleum products.

There was also a proposal to combine South Korea's AI semiconductor capabilities with Japan's robot manufacturing expertise. Minister Kim said, "South Korea has capabilities in AI semiconductors and software, while Japan has a solid foundation in robot manufacturing," and proposed cooperation in physical AI. The aim is to apply AI in industrial settings and jointly respond to a shrinking workforce and China's growing competitiveness.

Chairman Ryu outlined three pillars of cooperation: coordination on international rules, strengthening energy security, and addressing shared social challenges. The business communities of both countries agreed to coordinate financial and market-access support for promising local small and medium-sized enterprises, and to give priority invitations to local companies for the Korea-Japan Startup Cooperation Forum, which is scheduled to resume in 2027.

This content was produced with the assistance of AI translation services.