South Korean Ambassador to the U.S. Cho Tae-yong said Seoul's recently announced forced labor compensation plan holds great meaning for not only its relations with Tokyo but with major ally Washington.

At an event celebrating the 70th anniversary of the Seoul-Washington alliance on Thursday, Cho said the decision concerns Seoul's ties with Washington and the hopes of maintaining standard-based order in the Indo-Pacific and beyond.

The ambassador said the decision is expected to offer many opportunities for Seoul and Tokyo as well as Washington to cooperate and collectively generate positive results.

Cho said he believes that Seoul took the driver's seat in negotiations with Tokyo and reached a decision that fulfilled national interests.

Former U.S. Ambassador to Seoul Harry Harris, who was also at the event, positively assessed the plan, which he said was possible due to the political power of the leaders of South Korea and Japan.