SUMMARY

• South Korea rejoices as Japan adds them back to preferred trade partners list
• First bilateral finance ministerial meeting in seven years signals a positive shift
• High-tech industries, especially semiconductors, anticipate mutual benefits

At a recent economic summit, South Korea and Japan have decided to chill out and give their trade relationship a fresh start. South Korea's finance minister, Choo Kyung-ho, is pretty stoked about Japan restoring South Korea to its list of favorite trade pals. Choo told CNBC that they're hoping this process is wrapped up ASAP, so the two nations can get back to being BFFs.

It seems like the ice is finally melting between these two countries, thanks to South Korea's decision to compensate people who were forced to work during Japan's occupation of Korea. South Korean President Yoon Suk-yeol is eager to mend these strained ties and get back to business.

This week, the finance ministers of South Korea and Japan met up for the first time in seven years to chat about how they can make their economies play nice together. They agreed to keep these talks going and see where it takes them.

Choo is confident that this renewed friendship will lead to some pretty sweet deals in the tech world, especially in the semiconductor industry. He thinks the two countries will be able to work together and create some awesome stuff that will benefit everyone in the region.

So, it looks like South Korea and Japan are putting their past behind them and looking forward to a future of collaboration and growth. It's about time these two powerhouses got their act together and realized they're better off as allies. 

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