Finance ministers of Japan and South Korea have agreed to resume dialogue between their countries' financial officials.

Japanese Finance Minister Suzuki Shunichi and his South Korean counterpart Choo Kyung-ho met in Incheon near Seoul on Tuesday, on the sidelines of the annual meeting of the Asian Development Bank.

The meeting marked the two countries' first finance ministerial talks in seven years.

Choo said Japan and South Korea need to strengthen cooperation between their financial authorities amid the recent emergence of geopolitical risks and supply chain instability.

He said South Korea and Japan should share their experiences and communicate with each other in a sustainable manner.

Suzuki said the countries are important neighbors that must cooperate to address various challenges surrounding the global economy.

He said he hopes progress in finance-track talks will be beneficial for both countries' development.

The two agreed to resume ministerial-level finance talks. Suzuki said he will send Japan's Vice-Minister of Finance for International Affairs Kanda Masato to South Korea in June for preparations.

Japan and South Korea used to hold bilateral finance dialogue on a regular basis until August 2016, but the framework was broken off amid the deteriorating relations between the two countries.

Suzuki and Choo reportedly did not discuss a currency swap deal that expired in 2015. Such a deal would allow the two countries to exchange foreign currencies in an emergency.