A deal between South Korea and Japan to remedy a long-running impasse over wartime labor can help them work with their U.S. ally to share intelligence on North Korea and boost their economic leverage with China, according to a top South Korean architect of the pact.

"We are advancing the issues of security cooperation, especially information sharing among the three countries,” Park Cheol-hee, chancellor of the Korea National Diplomatic Academy, said of the deal between Seoul and Tokyo that was unveiled in March.

"We definitely leveled up our relationship between Korea and Japan,” Park told Bloomberg Television on Thursday, adding the pact would help the neighbors work on economic security issues and address concerns about global supply chains.