The paperless trade project between the two neighboring countries started as a follow-up measure of the "Korea-Japan IT Cooperation Initiative" adopted at the Korea-Japan summit held in September 2000. At present, a model project is underway between Hyundai Motor and Mitsubishi Corporation for exchange of e-documents, etc. The seven firms are Hyundai Hysco, Korea Steel Shapes, Toray Saehan, Amkor Technology and Labo Co.

Korea's e-trade specialist firm KTNET and its Japanese counterpart Tedi Club have established e-business extension language (ebXML)-based e-trade infrastructure and networking enterprise-to-enterprise trade of the two nations.

The explanatory session was prepared to expand participating firms and supporting scope as commercial services of shipment-related e-document exchange services such as invoice, B/L and shipping goods list launched from April 1. On hand at the session were business representatives of Samsung, Hyundai and LG that have large trade volumes with Japan as well as the newly applied seven companies.

Earlier, MOCIE and Japanese ministry of economy and industry agreed to support bilateral private-level e-trade and expand the project to export/import logistics and customs clearance from the governmental perspective. For future projects, the two countries plan to enlarge the support scope to purchase letter of intent, shipping-schedule notice, shipping request, shipment notice, payment settlement information, etc., while involving banks, shipping companies, airliners and insurance firms.