President Yoon Suk Yeol and Japanese Prime Minister Fumio Kishida are expected to confirm the establishment of a consultative bilateral body on economic security to bolster semiconductor supply chains during their summit on Thursday.

Japanese daily Yomiuri Shimbun reported on the plan, noting that Seoul and Tokyo together face the task of reducing reliance on China for semiconductors and mineral resources and securing the upper hand in cutting-edge technologies.

The two-way dialogue will reportedly operate separately from the trilateral economic security framework with the U.S. that held its inaugural session in Honolulu, Hawaii last month.

Last month’s three-way meeting focused on cooperation in new and core technologies, the expansion of specialized talents, the stabilization of semiconductor, battery and key mineral supply chains, and technology and data protection.

Speaking to Japanese dailies ahead of his Japan trip, Yoon expected cooperation among global semiconductor leaders – South Korea, the U.S., Japan and Taiwan – to contribute to the stabilization of the worldwide cooperative net.

Yoon and Kishida are also expected to announce the resumption of "shuttle diplomacy" featuring reciprocal visits by the leaders to each other's country on a regular basis at Thursday's summit.