Korea Chamber of Commerce and Industry (KCCI) Chairman Chey Tae-won has called for the need for a bilateral passport-free travel agreement between Korea and Japan, saying such a move could generate massive economic synergies for both countries. In a televised show, Sunday, the KCCI chief presented the proposal as an option to invigorate the sagging economy, underscoring an approach that both countries are a “unified economic community.” “Once Korea and Japan sign a Schengen-style agreement like in the European Union (EU), it would create added value worth 3 trillion won ($2.03 billion),” he said. The Schengen Area refers to a travel zone in Europe that uses a common visa policy for international travel, allowing citizens and visitors to move freely across most internal borders within the EU and participating nations without passport checks. “We should think of the two countries as one single economic community,” he said. “This could create more economic synergies for both countries.” He also said that an “excessively high” number of economic rules in Korea creates risk