S. Korea prepares countermeasures against Japan's trade curbs, perhaps removing Tokyo from its 'whitelist'
- 5 years ago
정부, 맞대응 착수…오늘 '수출우대국'서 일본 제외 논의
Let's start with our ongoing coverage of the worsening Seoul-Tokyo trade row.
The South Korean government is expected to give the green light to corresponding measures against Japan's export restrictions.
It's considering whether to remove Japan from ITS own "whitelist" of 28 nations receiving expedited export reviews.
The trade ministry held a related ministers' meeting on this very topic.
We have our Hong Yoo on the line.
Any details coming through?
Jiyoon, as you mentioned South Korea's Minister of Economy and Finance Hong Nam-ki convened the meeting to go over possible countermeasures to Japan's new export curbs.
It's a closed-door gathering and the results of the meeting will NOT be announced today. They haven't specified when the information will be made public yet.
But according to the trade ministry, top officials are discussing whether to remove Japan from South Korea's so-called whitelist of preferential trading partners
They will decide on whether or not to change the import and export regulations for strategic materials headed to Japan.
This means South Korea might take away Japan's benefit of having a simplified inspection process.
And before this meeting, an interagency meeting on state affairs was convened by Prime Minister Lee Nak-yon. Did he mention the trade dispute?
Yes, Prime Minister Lee described Japan's economic retaliation as "unjustifiable" and a move that should not be taken by a world-leading country.
But he also emphasized that the Japanese government did not regulate exports other than the already regulated items that are the three core materials used in semiconductors and displays.
He noted that Japan has allowed one of the export regulated materials, EUV photoresist, to be exported to South Korea.
Lee also emphasized that Seoul will up its diplomatic efforts to recover from Japan's export restrictions.
Jiyoon.
Let's start with our ongoing coverage of the worsening Seoul-Tokyo trade row.
The South Korean government is expected to give the green light to corresponding measures against Japan's export restrictions.
It's considering whether to remove Japan from ITS own "whitelist" of 28 nations receiving expedited export reviews.
The trade ministry held a related ministers' meeting on this very topic.
We have our Hong Yoo on the line.
Any details coming through?
Jiyoon, as you mentioned South Korea's Minister of Economy and Finance Hong Nam-ki convened the meeting to go over possible countermeasures to Japan's new export curbs.
It's a closed-door gathering and the results of the meeting will NOT be announced today. They haven't specified when the information will be made public yet.
But according to the trade ministry, top officials are discussing whether to remove Japan from South Korea's so-called whitelist of preferential trading partners
They will decide on whether or not to change the import and export regulations for strategic materials headed to Japan.
This means South Korea might take away Japan's benefit of having a simplified inspection process.
And before this meeting, an interagency meeting on state affairs was convened by Prime Minister Lee Nak-yon. Did he mention the trade dispute?
Yes, Prime Minister Lee described Japan's economic retaliation as "unjustifiable" and a move that should not be taken by a world-leading country.
But he also emphasized that the Japanese government did not regulate exports other than the already regulated items that are the three core materials used in semiconductors and displays.
He noted that Japan has allowed one of the export regulated materials, EUV photoresist, to be exported to South Korea.
Lee also emphasized that Seoul will up its diplomatic efforts to recover from Japan's export restrictions.
Jiyoon.