Taiwan, however, suffered only half that amount in losses following the termination of the Taipei-Seoul route by Taiwanese flagship carriers, Chu added.
"So in a way, Taipei is not that eager to reopen air services by its flagship carriers, and that's why Taipei has insisted on Seoul's concession at the negotiation table," Chu said.
Currently, Cathay Pacific of Hong Kong and Thai Airways operate direct passenger flights between Taiwan and South Korea.
And while Lee said the Korean foreign minister's statement was perhaps intended for "domestic consumption," Chu viewed the statement as a sign of goodwill.
"Well, perhaps that meant there's still room for compromise," Chu said.
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