Finance Minister Bahk Jae-wan and Japan’s State Minister of Economic and Fiscal Policy Motohisa Furukawa agreed on the need to resume negotiations for a bilateral free trade agreement.

The Finance Ministry says that Bahk and Furukawa exchanged opinions on the global economic situation, economic conditions in the two nations and policy direction. They also coordinated their views on the importance of seeking a bilateral FTA.

Bilateral FTA negotiations began in December 2003 and stopped in June 2004.

Bahk and Furukawa agreed that sharing bilateral information on macroeconomic issues and structural issues pertaining to the economy and society is highly useful and agreed to hold regular bilateral ministerial meetings.