S. Korea and Japan to hold bilateral talks at WTO in Geneva on Tuesday
- 4 years ago
Representatives from Seoul and Tokyo will sit down for talks over Japan's export curbs at the WTO tomorrow.
Meanwhile, data show Japanese imports to Korea have fallen sharply this year.
Kim Hyesung reports.
The second round of bilateral talks between South Korea and Japan over Tokyo's export restrictions will take place at the WTO headquarters in Geneva on Tuesday local time.
"This is a consultation that follows the WTO dispute settlement procedures, so we will sincerely engage in discussions that meet the purpose and intent of the talks."
Seoul and Tokyo held their first round of talks last month at the WTO but failed to reach an agreement.
In July, Japan imposed export curbs on three key materials to Seoul that are used to produce semiconductors and display panels.
The South Korean government in September filed a complaint with the WTO, saying Japan's move is inconsistent with its obligations under various WTO agreements.
If a resolution is not reached at the second round of talks, a WTO dispute settlement panel can be set up.
While the trade dispute between Seoul and Tokyo continues, data released by South Korea's trade ministry shows its trade deficit with Japan is forecast to fall to a 16-year low this year.
In the first ten months of 2019, South Korea posted a trade deficit of 16-point-four billion U.S. dollars, down more than 20 percent compared to the same period last year.
Given the current trend, the deficit is expected to fall below 20 billion dollars for this year, the lowest level since 2003.
The sharp fall comes as imports fell much faster than exports.
"Japan's semiconductor related equipment exports fell as Korean companies cut their investment in chips amid the semiconductor market downturn. The trend is likely to continue until next year after companies start increasing chip facilities investment again. In the long-run, it depends on how successful Korea is in developing its own semiconductor equipment to lower its dependency on Japan."
At the same time, Japanese consumer goods like cars, clothes and beer all dropped.
Japanese auto sales since July have fallen to less than half what they had been the previous year.
Kim Hyesung, Arirang News.
Meanwhile, data show Japanese imports to Korea have fallen sharply this year.
Kim Hyesung reports.
The second round of bilateral talks between South Korea and Japan over Tokyo's export restrictions will take place at the WTO headquarters in Geneva on Tuesday local time.
"This is a consultation that follows the WTO dispute settlement procedures, so we will sincerely engage in discussions that meet the purpose and intent of the talks."
Seoul and Tokyo held their first round of talks last month at the WTO but failed to reach an agreement.
In July, Japan imposed export curbs on three key materials to Seoul that are used to produce semiconductors and display panels.
The South Korean government in September filed a complaint with the WTO, saying Japan's move is inconsistent with its obligations under various WTO agreements.
If a resolution is not reached at the second round of talks, a WTO dispute settlement panel can be set up.
While the trade dispute between Seoul and Tokyo continues, data released by South Korea's trade ministry shows its trade deficit with Japan is forecast to fall to a 16-year low this year.
In the first ten months of 2019, South Korea posted a trade deficit of 16-point-four billion U.S. dollars, down more than 20 percent compared to the same period last year.
Given the current trend, the deficit is expected to fall below 20 billion dollars for this year, the lowest level since 2003.
The sharp fall comes as imports fell much faster than exports.
"Japan's semiconductor related equipment exports fell as Korean companies cut their investment in chips amid the semiconductor market downturn. The trend is likely to continue until next year after companies start increasing chip facilities investment again. In the long-run, it depends on how successful Korea is in developing its own semiconductor equipment to lower its dependency on Japan."
At the same time, Japanese consumer goods like cars, clothes and beer all dropped.
Japanese auto sales since July have fallen to less than half what they had been the previous year.
Kim Hyesung, Arirang News.