President Lee Jae Myung and Japanese Prime Minister Shigeru Ishiba agreed to cooperate on shared social issues, including low birth rates, aging, regional imbalances, agriculture, disaster prevention and suicide.

Following the two leaders' third bilateral summit at the Nurimaru APEC House in the southern port city of Busan on Tuesday, Lee and Ishiba released an outline of their proposed “Korea-Japan Common Social Issues Consultative Body" in a joint statement.

The agreement, first proposed at the two leaders' meeting in Tokyo last month, calls on each side's ministry to lead consultations in its related field, share policy experiences and apply lessons to national goals.

The two also committed to conducting regular reviews through bilateral governmental channels to oversee the consultative body’s work.

They said the initiative aims to broaden the communication between the two governments and help address problems that both societies face.

Tuesday's meeting is intended to serve as the latest step towards reviving "shuttle diplomacy" between the two nations.