1. The 7th Korea-Japan High-level Economic Consultation was held on October 1in Seoul. The consultation 
was attended, on Korea’s side, by Mr. Ahn Ho-young, Deputy Minister for Trade of MOFAT, and on Japan’s 
side, by Mr. Masaharu Kohno, Deputy Minister for Foreign Affairs, as the chief delegates. The meeting was 
also attended by 15 individuals from relevant government ministries in economy and trade.

2. Korea and Japan exchanged opinions on the current status of their macroeconomies and overall 
economic and trade policies, amid a slowdown in global economic growth due to worldwide financial 
instability stemming from the US, high fuel prices, and a sudden jump in energy and food prices. Both sides 
agreed to strengthen cooperation both regionally and internationally in order to jointly deal with the 
slowdown in global economic growth.

ᄋIn particular, discussions were held on strengthening cooperation in the parts and materials industry and 
the energy efficiency sector. The delegates examined the status of follow-up measures of the April 2008 
summit talks and discussed future plans. Both sides agreed to expand cooperation in the private sector, 
such as for the Second Business Summit Roundtable between businesses of both countries to be held in 
October 10 in Seoul, by strengthening interest and support.

ᄋBoth sides agreed to further strengthen cooperation and mutual assistance in the WTO DDA talks, APEC, 
and other multilateral institutions. The delegates discussed the policies and status of the Korea-Japan FTA 
and other FTAs sought by each country. Aside from these issues, discussions were held on strengthening 
cooperation in various fields, such as the environment and intellectual property rights.

ᄋ With regard to compliance with the WTO ruling, the Korean side urged the complete removal of the 
countervailing duties on Hynix DRAMs by the Japanese government. Japan’s side stated that it would act in 
accordance with the WTO compliance panel procedures instituted on September 23.

3. Following the October 1 High-Level Economic Consultation between Korea and Japan, Directors’ 
Working-level Talks were held on October 2 where additional discussions were held on bottlenecks in trade 
and investment, and on cooperation in intellectual property rights.

ᄋKorea’s side presented bottlenecks in ten cases including food sanitation, customsclearance procedures 
and government procurement. Discussions were held on the intellectual property rights policies of each 
country and plans for international cooperation in this regard.

ᄋJapan’s side presented trade and investment bottlenecks in seven cases including labor, finance and 
intellectual property rights.

4. Both sides agreed to hold the 8th Korea-Japan High-Level Economic Consultation in at a mutually 
convenient time next year.

                                                       Spokesperson for MOFAT 

* unofficial translation