SEOUL (Reuters) -South Korean President Lee Jae Myung hosts outgoing Japanese Prime Minister Shigeru Ishiba on Tuesday on a goodwill visit aimed at highlighting the two countries’ commitment to improve once-frosty ties and cooperate more closely on trade.
Lee has engaged with Japan on security and trade issues, continuing his predecessor’s policy of cautious rapprochement after years of tension over Japan’s wartime history.
Ishiba, whose Liberal Democratic Party is set to pick a new leader on October 4 who will likely become prime minister, is scheduled to visit South Korea for two days and meet Lee in the southern city of Busan.
Ishiba is a unique figure in the Japanese ruling party and South Korea looked forward to his continued role to help bilateral ties after he stepped down, Lee’s national security adviser, Wi Sung-lac, told a briefing on Monday.
The two leaders were also expected to compare notes on their respective trade negotiations with the United States to lower tariffs imposed by President Donald Trump, Wi said.
Japan has reached a framework deal with Trump who has signed an executive order formalising the agreement to lower tariffs on Japanese products to 15% including on autos.
But many issues remain to be ironed out including Japan’s pledge of $550 billion in investment in U.S. industry and further actions threatened by Trump on pharmaceutical and semiconductor imports worldwide.
South Korea’s Lee made a handshake-deal with Trump during his visit to Washington in August but follow-up talks to finalise the trade agreement remain deadlocked, mostly over the details of $350 billion in investments pledged by South Korea.
South Korea has said that amount, if made in an upfront cash outlay as suggested by Trump, could trigger a financial crisis for Asia’s fourth-largest economy.
Lee previously held a summit meeting with Ishiba in August just ahead of his U.S. visit.
(Reporting by Jack Kim; Editing by Stephen Coates)
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