Senior lawmakers with South Korea's ruling party and officials from the Blue House and the government met this afternoon to discuss the latest regarding Japan's export curbs and to review what Seoul's doing to respond.
They said that efforts are underway on all fronts to first and foremost minimize the fallout on local industries, by helping firms raise their competitiveness and by creating an ecosystem in which small and big companies can prosper together.
The three sides said they're taking a flexible approach so they can find a breakthrough in the trade spat.
They also agreed to draw up a bigger budget for 2020 to boost the economy and support innovative growth.
In a separate closed-door meeting this morning, the ruling party and government agreed on the need for an expansionary budget next year to deal with lingering uncertainties.
Of the spending, they are planning to set aside over a billion U.S. dollars to handle Tokyo's trade retaliation.