Prime Minister Junichiro Koizumi and South Korean President Roh Moo Hyun agreed Monday to launch full negotiations this year on a bilateral free-trade agreement.
Koizumi and Roh, who met on the sidelines of the Asia-Pacific Economic Cooperation forum summit in Bangkok, issued a joint statement saying they share the view that a bilateral FTA would be beneficial to both countries. They said they hope to conclude the talks by 2005.
In the document, the two leaders also confirm their intention to continue efforts to sign and put into effect at an early time a social security pact to prevent double payment of pension premiums by expatriates.
Japan and South Korea have reached a basic agreement on the contents of the accord, which is meant to promote economic activities between the two neighbors.