Andong: President Lee Jae Myung announced on Tuesday that he and Japanese Prime Minister Sanae Takaichi have agreed to enhance cooperation on supply chains and secure crude oil and liquefied natural gas (LNG) supplies amid the ongoing conflict in the Middle East. The announcement came following their summit at a hotel in Andong, Lee's hometown, located 190 kilometers southeast of Seoul.
According to Yonhap News Agency, Lee emphasized the necessity of bilateral cooperation to address the current instability in supply chains and energy markets due to the Middle Eastern conflict. Both leaders acknowledged the urgency of restoring peace in the region and decided to expand their countries' cooperation in these critical areas.
President Lee highlighted the agreement to strengthen bilateral cooperation in the LNG and crude oil sectors, which are vital energy sources for both nations. He also mentioned plans to enhance information sharing and communication channels concerning crude oil supply and stockpiling. During a live-televised joint press event, Lee expressed the commitment to expanding LNG cooperation between the two countries.
Prime Minister Takaichi added that the countries would explore a bilateral swap arrangement involving crude oil, petroleum products, and LNG. She and Lee also reaffirmed their dedication to pursuing mutually beneficial cooperation in artificial intelligence, economic, and security domains.
The two leaders underscored the significance of bilateral cooperation between Seoul and Tokyo, as well as trilateral cooperation with Washington, to maintain peace and stability in the region. Lee specifically pointed out the upcoming DNA tests on remains found at the site of the wartime Chosei coal mine in Japan, marking a step toward cooperation on historical issues.
Lee expressed optimism about the limitless potential for Korea-Japan partnership and the development of new avenues for cooperation to drive shared prosperity. At the summit's opening, he stressed the importance of Japan as a partner and the need for closer cooperation to navigate the current global challenges.
Both leaders acknowledged their countries' joint efforts in global initiatives, such as ensuring freedom of navigation in the Strait of Hormuz and evacuating nationals from the Middle East. Lee praised the enduring friendship between the nations amid various difficulties.
Takaichi's two-day visit to South Korea reciprocated Lee's earlier visit to Nara Prefecture and was part of the ongoing "shuttle diplomacy" between the neighboring countries. Lee noted that their meeting marked the fourth encounter in seven months, confirming the establishment of their diplomatic efforts.
Later in the day, the leaders were scheduled to attend a banquet dinner and a performance, with Takaichi set to return to Japan on Wednesday morning.