South Korea's new President Lee Jae Myung and Japanese Prime Minister Shigeru Ishiba vowed to deepen a relationship prized by Washington and closely watched by China and North Korea, as the pair met for their first summit.

South Korea’s President Lee Jae-myung hopes to clinch a trade agreement with the US ahead of a looming July deadline, according to his nominee for prime minister, after a high-stakes meeting with Donald Trump was called off at the last minute.

South Korean President Lee Jae-myung departed for Canada on Monday to attend the Group of Seven summit, his first overseas engagement since taking office earlier this month.