South Korea and Japan have agreed to restart negotiations on reinstating a bilateral currency swap deal.
 
Finance Minister and Deputy Prime Minister Yoo Il-ho and his Japanese counterpart Taro Aso reached the agreement during a meeting held in Seoul on Saturday.
 
The two sides decided to discuss the scope and term of the agreement later through further discussions. They have yet to decide on a date for negotiations.
 
During Saturday’s meeting, Yoo and Aso reaffirmed that their countries’ ties in terms of economic and financial cooperation are solid and vowed to work together on responding to protectionism. They also agreed to boost cooperation in implementing sanctions against North Korea.
 
Shortly after the meeting, Yoo told reporters that South Korea proposed restarting talks on a currency swap deal, in which Japan agreed to the offer, adding that it is expected to take several months before the deal is reinstated.
 
South Korea and Japan signed their first currency swap in 2001 and kept it intact for 14 years. The deal expired in February of last year after both countries failed to request its extension due to a strain in bilateral ties.