1. The third Korea-Japan Economic Committee Meeting was held on June 12, 2001. The Korean side was 
led by Mr. Choi Hyuck, Deputy Minister for Trade at the Ministry of Foreign Affairs and Trade, and consisted of 
officials from Ministry of Finance and Economy (MOFE), Ministry of Commerce, Industry, and Energy, Ministry 
of Agriculture and Forestry, Ministry of Information and Communication, Ministry of Labor, and Ministry of 
Planning and Budget. The Japanese side was led by Mr. Yoshiji Nogami, Deputy Minister for Foreign Affairs 
at the Ministry of Foreign Affairs, and consisted of officials from the Office of the Prime Minister, Ministry of 
Public Management, Home Affairs, Posts and Telecommunication, Ministry of Finance, Ministry of Agriculture, 
Fisheries and Forestry, and Ministry of Economy and Industry. 

2. This Meeting was held according to the ‘Joint Declaration on the New Korea-Japan Partnership in the 21st 
Century’ where it was agreed that a comprehensive bilateral economic meeting would be held between 
Director-General-level officials from relevant ministries. The Declaration was agreed upon in October 1998 
when President Kim Dae-jung visited Japan. As in the first and second meetings, the two sides had 
comprehensive discussions on the macroeconomic situation, structural reform, trade policy, and 
cooperation on bilateral and multilateral economic issues. 

3. The Korean side explained Korea’s efforts to promote continuous growth, despite the difficult economic 
conditions, by the establishment of continuing reform system. The Korean side also emphasized that 
Japan’s economic recovery, which could be achieved through the successful structural reform of Japan’s 
new administration, is critical to ensuring the revitalization of Asian and World economy as well as Korean 
economy. Furthermore, the Korean side expressed concern over the recent weakening of the yen and called 
for Japan’s attention to the negative effects it would have on other Asian economies. 

4. The Korean side explained Korea’s efforts to promote a balanced expansion of bilateral trade through free 
trade, such as the termination of import diversification measures, and requested reciprocal measures, such 
as reducing tariffs on Korean products and lowering non-tariff barriers. The Korean side expressed deep 
concern over Japan’s continuous import-restrictive measures, such as its anti-dumping investigation on 
Korean polyester, strengthening examination procedures on plants, especially fresh vegetables, and 
applying of import monitoring measures on major agricultural products, and asked for Japan’s careful 
consideration. 

5. Considering Korea’s position, the Japanese side emphasized that there is no change in its basic position 
for trade liberalization, and that even if there is any exceptional case, such as those involving trade remedy 
measures, they will be dealt with fairly and transparently according to WTO regulations. Furthermore, 
regarding Korea’s concerns over Japan’s examination measures on fresh vegetables, the Japanese side 
explained that it is exerting efforts to minimize such measures’ effect on trade and asked for Korea’s 
understanding. 

6. Both sides shared the view that it is important to promote Korea’s components industry for the balanced 
expansion of bilateral trade, and that Japanese investment in Korea plays an important role in bilateral 
trade. Both sides also agreed that to increase continuous investment, there is a need to accelerate 
negotiations on the Korea-Japan Investment Agreement, for which working-level consultations are still 
taking place. Furthermore, the two countries confirmed the importance of bilateral cooperation, not only in 
trade and investment, but also in the areas of industrial technology, information and communications, and 
air services. They also discussed specific ways to enhance cooperation in such areas. 

7. Korea and Japan reconfirmed bilateral cooperation for the early launch of the New Round of WTO 
negotiations, and comprehensively discussed plans for bilateral cooperation in the multilateral fora, such as 
the OECD, APEC, ASEM, ASEAN+3, and COP6. 


                                                                Spokesperson of MOFAT

* unofficial translation