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South Korea, Japan move to revive economic cooperation


South Korea and Japan are taking steps toward reviving their economic cooperation. Japan is in the process of lifting restrictions on the export of essential semiconductor materials to Korea, while South Korea will withdraw its complaint lodged with the World Trade Organization against the export curbs. Minister of Trade, Industry, and Energy, Lee Chang-yang, stated that the official visit of South Korean President Yoon Suk Yeol to Tokyo for a summit with Japanese Prime Minister Fumio Kishida is the first step towards opening a new era of cooperation between South Korea and Japan and achieving future-oriented outcomes. He also mentioned that relaxing export restrictions would act as a foundation for promoting cooperation between South Korea and Japan to stabilise economic ties and global supply chains. Japan is the fourth-largest trading and exporting partner of South Korea.

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