South Korea and Japan on Wednesday held their first regular dialogue on steel industry cooperation in five years to discuss ways to boost technology exchanges and to jointly respond to the net-zero market trend, the industry ministry said.

The 20th Korea-Japan Steel Dialogue was held in Tokyo on the day as the latest in a series of bilateral economic and industry meetings amid a thaw in their diplomatic relations following summit talks in recent months. The last meeting of its kind was held in November 2018.

The meeting brought together working-level officials of the two governments, as well as steelmaker associations of both nations, according to the Ministry of Trade, Industry and Energy.

The participants shared the assessment on the global steel market and explored ways to boost cooperation on carbon-related regulations, such as the European Union's Carbon Border Adjustment Mechanism.

The CBAM calls for levying an import charge on steel, cement, electricity, fertilizer, aluminum and other related items equivalent to their carbon emissions from production. The regulation scheme will fully take effect in 2026 after a transition period set to begin in October 2023.

The two sides also discussed how to push for technology exchanges for low-emission steel products and ways to beef up their steel trade, according to the ministry.

"Bilateral cooperation in the steel industry became ever more crucial in the face of changing market circumstances and the growing trade protectionism. The two sides vowed to continue to join hands," the ministry said in a release. (Yonhap)