S.Korea urges Japan to take measures for resolving trade spat

Photo: IC

SEOUL - South Korea's finance minister on Wednesday urged Japan to take measures for resolving the ongoing trade spat between the two countries.

Hong Nam-ki, the minister of economy and finance who doubles as the deputy prime minister for economic affairs, told a meeting with economy-relevant ministers that Japan should take advanced actions for the normalized trade between the two nations.

He noted that Japan's export restrictions would do damage to both South Korea and Japan while weakening the global value chain significantly.

The meeting was held at a local chemical firm's research center in Ansan, some 40 km southwest of Seoul, to review measures for strengthening the competitiveness of domestic companies in the industrial materials, parts, equipment sector.

The minister said the government has constantly pushed for the comprehensive measures to strengthen the relevant industry's competitiveness.

In July, Japan tightened regulations over its export to South Korea of three materials, vital to produce memory chips and display panels that are the mainstay of the South Korean export.

Japan's export curbs came following the South Korean top court's rulings that ordered some of Japanese firms to pay reparation to the South Korean victims who were forced into hard labor without pay during the 1910-45 Japanese colonization of the Korean Peninsula.

South Korea and Japan held the second round of talks in Geneva overnight as part of a dispute settlement process under the rules of the World Trade Organization (WTO). It ended without progress.