South Korean President Lee Jae-myung held summit talks Tuesday with Japanese Prime Minister Shigeru Ishiba in South Korea's southeastern port city of Busan, according to the presidential office.

Presidential spokesperson Kang Yu-jung told a press briefing that the two leaders exchanged views extensively and in depth over ways to strengthen substantial cooperation between the two countries and the need for cooperation in regional and global issues.

Lee and Ishiba welcomed the completion of a so-called shuttle diplomacy by the latter's visit to Busan about a month after the South Korean president's visit to Japan in late August.

They fully shared views over the importance of the bilateral relations, agreeing to continue communications and cooperation based on the renewed "shuttle diplomacy."

They welcomed the launch of a consultative body to tackle the shared social challenges and agreed to resume the bilateral science and technology cooperation committee meeting.

The two sides evaluated the bilateral meetings held in September, including the defense ministers' meeting, economic security dialogue and vice finance ministers' meeting.

During the dialogue, Lee mentioned his cooperation principle of "moving toward the future while squarely facing the past," noting that if the two sides accumulate the meaningful outcomes of cooperation, a virtuous cycle can be created that positively works in dialogue on pending issues between the two countries.